US Steel shareholders approve Nippon buyout despite political opposition

U.S. Steel shareholders on Friday approved a $14.9 billion acquisition by Japan’s Nippon Steel, despite opposition from the Biden administration, steelworkers and members of Congress.

“#USSteel is pleased to report that, based on preliminary vote counts, 98% of our stockholders voted to approve our proposed merger with Nippon Steel,” US Steel announced. post Go to Social Platform X Friday.

The proposed deal, announced in December, has faced pushback from lawmakers in both parties who say it could threaten national security, U.S. industrial capacity and the livelihoods of steelworkers.

“As I’ve always said, steel is about national security and the interests of our workers and steel communities in Pennsylvania and across the country,” said Sen. John Fetterman (D-Pennsylvania). and economic security,” he said in a post-election statement. announcement. “This conversation should be about the steelworkers who power U.S. Steel.”

Republican Sens. J.D. Vance (Ohio), Marco Rubio (Florida), and Josh Hawley (Missouri) on Friday called on the Committee on Foreign Investment in the United States (CFIUS) to block the sale. Ta.

“[CFIUS] In a letter to Treasury Secretary Janet Yellen, senators say they can and should block NSC’s acquisition of U.S. Steel, a company with clear foreign allegiances and a deeply flawed track record in the United States. He said that.

President Biden also criticized the deal last month.

“It’s important to keep American steel companies strong, supported by American steelworkers,” he said in a statement obtained by The Hill. “I told steelworkers I stood by them, and I meant it. U.S. Steel has been an iconic American steel company for more than a century and is a domestically owned and operated steel company. It is extremely important that we remain an American steel company.”

David McCall, international president of the United Steelworkers (USW), expressed concern about the proposed agreement and its potential impact on steelworkers’ livelihoods and national security. February statement.

“Steel is critical to our national security and critical infrastructure, and USW members are proud to manufacture some of the highest quality products in the world,” McCall wrote at the time. “Unfortunately, the proposed sale agreement between Nippon Steel and U.S. Steel puts the interests of our member states and our country at risk.”

U.S. Steel said Friday that “this transaction truly represents the best path forward for all U.S. Steel stakeholders,” and that it will “leave U.S. Steel and the domestic steel industry stronger and more competitive.” “It will be,” he claimed. statement We will announce the voting results.

The vote came a day after a state visit by Japanese Prime Minister Fumio Kishida, who addressed a joint session of Congress and participated in talks with President Biden.