(Finance) – Thespecial meeting of shareholders Of United States Steel Corporation (US Steel) have voted overwhelmingly to approve the merger agreement with Nippon Steel Corporation (NSC). More than 98% of voting shares, representing approximately 71% of US Steel’s issued and outstanding common stock, voted in favor of the proposal.
“The overwhelming support from our shareholders is a clear endorsement that they recognize the compelling rationale behind our transaction with NSC,” he commented. David B. BurrittPresident and CEO of US Steel – This is a important milestone as we move towards completion of the transaction. We are one step closer to bringing together the best of our companies and moving forward together as the best steel producer with world-leading capabilities.”
“This transaction truly represents the best path forward for all US Steel stakeholders – union and non-union employees, customers, communities and shareholders – and for the United States and our home in Pennsylvania,” he added. “Creating the best steel producer in the world, we will have a stronger company to support our talented employees and fulfill all commitments to them, including all obligations under existing agreements with our unions. We will provide enhanced capabilities and innovations to our customers in the United United and around the world, we will be able to invest in greener steel to meet our climate commitments. E We will retain the US Steel name and Pittsburgh headquarterswith even more capital to invest in Pennsylvania.”
“This transaction will make US Steel and the nation’s steel industry stronger and more competitive by enhancing the legacy of steel mined, smelted and made in America in the face of unfair competition from China,” Burritt said.
As announced in December 2023, NSC will acquire US Steel in an all-cash transaction at $55 per share, representing an equity value of approximately $14.1 billion plus the assumption of debt, for total enterprise value of $14.9 billion.