{"id":35842,"date":"2024-04-13T09:31:42","date_gmt":"2024-04-13T04:01:42","guid":{"rendered":"https:\/\/farratanews.online\/us-steel-nippon-deal-fox-business\/"},"modified":"2024-04-13T09:31:42","modified_gmt":"2024-04-13T04:01:42","slug":"us-steel-nippon-deal-fox-business","status":"publish","type":"post","link":"https:\/\/farratanews.online\/us-steel-nippon-deal-fox-business\/","title":{"rendered":"US steel, Nippon deal | Fox Business"},"content":{"rendered":"
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FOX Business correspondent Lydia Hu has the latest on the deal they believe will make the steel industry ‘stronger and more competitive’ on ‘The Bottom Line.’<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
U.S. Steel shareholders approved the $14.1 billion controversial takeover by Japanese-owned Nippon Steel.\u00a0<\/p>\n
More than 98% of the shares voted at Friday\u2019s meeting to approve the merger, making up about\u00a071% of the company\u2019s outstanding stock, U.S. Steel said.\u00a0<\/p>\n
“The overwhelming support from our stockholders is a clear endorsement that they recognize the compelling rationale for our transaction with [Nippon Steel Corporation],” said U.S. Steel President and CEO David Burritt in a statement. “This transaction will make U.S. Steel and the domestic steel industry stronger and more competitive,” he added.<\/p>\n
\n\n
\n
Ticker<\/th>\n
Security<\/th>\n
Last<\/th>\n
Change<\/th>\n
Change %<\/th>\n<\/tr>\n<\/thead>\n
\n
\n
X<\/td>\n
UNITED STATES STEEL CORP.<\/td>\n
41.34<\/td>\n
-0.89<\/td>\n
-2.11%<\/td>\n<\/tr>\n
\n
NPSCY<\/td>\n
NIPPON STEEL CORP.<\/td>\n
7.75<\/td>\n
-0.19<\/td>\n
-2.39%<\/td>\n<\/tr>\n
<\/tbody>\n<\/table>\n
Nippon Steel\u2019s Vice Chairman Takahiro Mori thanked U.S. Steel shareholders in a statement. “[O]ur goal has been clear \u2014 to protect and grow U.S. Steel in the U.S. market for the benefit of all its stakeholders through increased financial investment and the contribution of our advanced technologies,” he said.<\/p>\n
NIPPON STEEL’S PROMISES NO JOB CUTS AFTER DEAL<\/strong><\/p>\n
Shareholder approval was expected by analysts. Shares of the stock traded at roughly $41.20 midday ahead of the vote. Nippon\u2019s all-cash offer pays $55 per share. Year-to-date, the shares are down 15%.\u00a0<\/p>\n