US Steel shareholders approve takeover by Japan's Nippon Steel opposed by Biden administration
PITTSBURGH (AP) — U.S. Steel shareholders have overwhelmingly approved the company’s sale to Nippon Steel of Japan for $14.1 billion in cash, voicing unequivocal support for a combination that has drawn opposition from the Biden administration on economic and national security grounds.
More than 98% of the shares voted at a special investor meeting Friday approved the takeover, according to a preliminary count of ballots announced by Pittsburgh-based U.S. Steel.
The transaction has raised concerns about what the sale could mean for unionized workers, supply chains and U.S. national security.
President Joe Biden has come out in opposition to the deal, saying in March that the U.S. needs to “maintain strong American steel companies powered by American steelworkers.” Japanese Prime Minister Fumio Kishida said on Wednesday during a White House news conference that he hopes discussions on Nippon “will unfold in directions that would be positive for both sides.”
The United Steelworkers, which represents the U.S. Steel labor force, did not respond to requests by The Associated Press for comment on the shareholder vote.
Related articles
Defending champion South Carolina to open season in Las Vegas against Michigan
COLUMBIA, S.C. (AP) — Defending national champion South Carolina has another splashy opening planned2024-05-228 watches owned by F1 great Michael Schumacher fetch more than $4 million at auction in Geneva
GENEVA (AP) — Eight watches belonging to auto racing icon Michael Schumacher sold Tuesday for nearly2024-05-22California's wealthiest farming family threatens to reshape small town with new mega
The wealthiest farming family in California is planning to expand an industrial warehouse complex to2024-05-22Keke Palmer and Laverne Cox bring the glamour while being honored at Webby Awards in New York City
Keke Palmer and Laverne Cox brought the glamour while being honored on Monday at the 28th annual Web2024-05-22- MPs today dismissed a 'virtue-signalling' claim that the UK owes Caribbean nations more than £200bil2024-05-22
- Julia Louis-Dreyfus rocked a rather elegant look while accepting a special award at the 2024 Webby A2024-05-22
atest comment