US Steel shareholders approve a deal

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U.S. Steel shareholders approved a $14.9 billion acquisition by Japan’s Nippon Steel Friday, despite opposition from the Biden administration, steelworkers and congressional lawmakers.
“#USSteel is pleased to report that, based on the preliminary vote count, 98 % of stockholders voted to approve our proposed merger with Nippon Steel,” U.S. Steel said in a post to social platform X Friday.
The proposed deal, announced in December, has faced pushback from lawmakers in both parties, who argue the deal could threaten national security, U.S. industrial capacity and the livelihoods of steel workers.
“This conversation should be about the steelworkers who power U.S. Steel.” Republican Sens.
“It is important that we maintain strong American steel companies powered by American steel workers,” he said in a statement obtained by The Hill.
“I told our steel workers I have their backs, and I meant it.
“Unfortunately, the proposed sale agreement between Nippon Steel and U.S. Steel puts our members’ and our nations’ interests in jeopardy,” U.S. Steel maintained friday that the “transaction truly represents the best path forward for all of U.S. Steel’s stakeholders” and that it will make “U.S.
Steel and the domestic steel industry stronger and more competitive,” in a statement announcing the vote results.

NEUTRAL

You. S. Despite opposition from congressional lawmakers, the Biden administration, and steelworkers, steel shareholders approved a $14.09 billion acquisition by Japan’s Nippon Steel on Friday.

It is with great pleasure that USSteel announces that, according to the preliminary vote total, 98 percent of stockholders approved of our proposed merger with Nippon Steel. S. Steel wrote on Friday on the social media site X.

Congressional opponents of the proposed agreement, which was unveiled in December, claim it could jeopardize national security, U.S. S. industrial capability and steelworkers’ means of subsistence.

“Steel is about security, as I’ve always said: our national security as well as the economic security of workers and steel communities in Pennsylvania and across the nation,” Sen. Democratic Senator John Fetterman of Pennsylvania. stated in a statement released after the news. “We should be talking about the steelworkers who provide the United States with power. s. Metal. “.

Republican Sens. J. C. Ohio’s Vance, Florida’s Marco Rubio. as well as Josh Hawley (Mo. urged the Committee on Foreign Investment in the United States (CFIUS) to halt the transaction on Friday.

“[CFIUS] is able and ought to obstruct the purchase of U. S. Steel by NSC, a business whose record in the US is seriously deficient and whose allegiances are obviously with a foreign state,” the senators wrote in a letter to Treasury Secretary Janet Yellen.

Also, last month, President Biden expressed disapproval of the proposed agreement.

According to a statement he provided to The Hill, “it is important that we maintain strong American steel companies powered by American steel workers.”. “I truly mean it when I say I have our steelworkers’ backs.”. I. S. With over a century of history, Steel has established itself as a recognizable American steel brand. It is imperative that Steel continue to be owned and operated domestically. “.

Concerning the proposed agreement and its possible effects on the national security and livelihoods of steelworkers, David McCall, the international president of the United Steelworkers (USW) union, voiced his concerns in a statement released in February.

McCall stated at the time that “USW members are proud to manufacture some of the highest quality products in the world, and steel is vital to our national security and critical infrastructure.”. “Unfortunately, Nippon Steel and the United States have not reached a proposed sale agreement. s. The interests of our members and our countries are jeopardized by steel.

U. S. On Friday, Steel insisted that the “transaction truly represents the best path forward for all of U.S. S. Steel’s stakeholders” and that it will enable “U. s. Stronger and more competitive are steel and the domestic steel industry,” the statement revealing the outcome of the vote said.

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