US Steel Stockholders Back Takeover by Nippon Steel

U.S. Steel Corp. stockholders April 12 approved the proposed acquisition of the company by Japan-based Nippon Steel Corp., brushing aside White House and congressional opposition to the $14.9 billion deal.

The stockholder vote "is an important milestone as we progress toward completing the transaction," U.S. Steel President and CEO David Burritt said.

Although President Joe Biden said in mid-March that he wants the “iconic” American steelmaker to remain in domestic hands, Nippon said it intends to finish the acquisition, which is undergoing regulatory review, including by the Committee on Foreign Investment in the U.S. (see 2403150066).