Japan's Nippon Steel Plans to Acquire US Steel for $14.9 Billion

Reuters2023-12-18

U.S. Steel jumped over 25% in morning trading.

Japan's largest steelmaker will buy U.S. Steel for $55 a share in cash, representing a 40% premium to the stock's price on Dec. 15, plus the assumption of debt, for an enterprise value of $14.9 billion.

Nippon Steel said it will honor all collective bargaining agreements with United Steelworkers Union and that both boards have approved the deal. Niippon Steel said it will be well-positioned to capitalize on the growing demand for high-grade steel, automotive and electrical steel, and provide excellent products and services.

But the union representing thousands of workers at U.S. Steel said on Monday it does not support the deal with Japan's Nippon Steel Corp.

"To say we're disappointed in the announced deal between U.S. Steel and Nippon is an understatement," USW International President David McCall said in a statement.

($1 = 142.5600 yen)

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