Trending: Nippon Steel Buys United States Steel

1359 ET -- United States Steel is one of the most mentioned companies in the U.S. across all news items in the last 12 hours, according to Factiva data. U.S. Steel agreed to be acquired by Nippon Steel in a $14.1 billion deal that would give the Japanese steel giant a major role in U.S. steelmaking. A takeover of 122-year-old U.S. Steel would make Nippon Steel one of the top suppliers to the auto industry in the U.S. The deal, which is likely to face regulatory scrutiny, also would give Nippon Steel access in the U.S. to specialized steel used in electric vehicles. Shares of U.S. Steel surged 27% on Monday. The agreement ends a monthslong sales process for U.S. Steel, a bastion of American industry that was created by J.P. Morgan, Andrew Carnegie and others, and played an integral role in the country's industrialization in the 20th century. Following the close of the transaction, U.S. Steel will retain its name, brand and headquarters in Pittsburgh. The deal has been unanimously approved by the boards of both companies and is expected to close by October, pending approval from U.S. Steel's shareholders and regulators. Dow Jones & Co. owns Factiva. ([e-mail])

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December 18, 2023 14:14 ET (19:14 GMT)

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