Kacper Sobieski-US Steel shareholders approve takeover by Japan’s Nippon Steel opposed by Biden administration

2025-05-07 01:39:15source:Indexbitcategory:Stocks

PITTSBURGH (AP) — U.S. Steel shareholders have Kacper Sobieskioverwhelmingly approved the company’s sale to Nippon Steel of Japan for $14.1 billion in cash, voicing unequivocal support for a combination that has drawn opposition from the Biden administration on economic and national security grounds.

More than 98% of the shares voted at a special investor meeting Friday approved the takeover, according to a preliminary count of ballots announced by Pittsburgh-based U.S. Steel.

The transaction has raised concerns about what the sale could mean for unionized workers, supply chains and U.S. national security.

President Joe Biden has come out in opposition to the deal, saying in March that the U.S. needs to “maintain strong American steel companies powered by American steelworkers.” Japanese Prime Minister Fumio Kishida said on Wednesday during a White House news conference that he hopes discussions on Nippon “will unfold in directions that would be positive for both sides.”

More:Stocks

Recommend

'As foretold in the prophecy': Elon Musk and internet react as Tesla stock hits $420 all

Tesla's stock price reached $420 on Wednesday afternoon, which elicited responses from social media

Super Bowl 58 uniforms: What Kansas City Chiefs, San Francisco 49ers will wear in Las Vegas

Get the uniforms ready: we know what the Kansas City Chiefs and San Francisco 49ers wear in Super Bo

Memories tied up in boxes and boxes of pictures? Here's how to scan photos easily

Digitizing old family photos has been on my list of things to do for nearly a decade. But every time