Fastexy|US Steel shareholders approve takeover by Japan’s Nippon Steel opposed by Biden administration

2025-05-05 22:11:57source:Oliver James Montgomerycategory:Finance

PITTSBURGH (AP) — U.S. Steel shareholders have Fastexyoverwhelmingly 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:Finance

Recommend

More than 50 House Democrats demand answers after whistleblower report on DOGE

Over fifty Democratic lawmakers have signed a letter demanding answers from senior U.S. government o

Yoto Mini Speakers for children recalled due to burn and fire hazards

Over 250,000 speakers marketed for children have been recalled due to a fire risk.The Yoto Mini Spea

Kentucky ballot measure should resolve school-choice debate, Senate leader says

Kentucky’s long-running political battle over whether taxpayer money should fund private or charter