It has been looking for a buyer since August, when it rejected a smaller, unsolicited bid from a US rival.
The United Steelworkers union called the deal “shortsighted” and said it would work to block the takeover.
The United Steelworkers union called the deal “shortsighted” and said it would work to block the takeover.
But like the wider US steel industry, its dominance has eroded over decades in the face of cheaper foreign competition.
Today it employs more than 22,000 people globally, including more than 14,000 in the US.
The larger Nippon said the purchase would enhance its long-term growth prospects by expanding its footprint in the US, where the industry is expected to grow, boosted by recent government investments in infrastructure and electric cars.
Nippon said it would honour existing contracts with US Steel union workers and the company would retain its name, brand and headquarters in Pittsburgh.
“[Nippon has] a proven track record of acquiring, operating, and investing in steel mill facilities globally,” said US Steel chief David Burritt, adding he was confident that the combination was “best for all”.
The United Steelworkers union called the deal “shortsighted” and said it would work to block the takeover.
It has been looking for a buyer since August, when it rejected a smaller, unsolicited bid from a US rival.
But like the wider US steel industry, its dominance has eroded over decades in the face of cheaper foreign competition.
The United Steelworkers union called the deal “shortsighted” and said it would work to block the takeover.
The United Steelworkers union called the deal “shortsighted” and said it would work to block the takeover.
But like the wider US steel industry, its dominance has eroded over decades in the face of cheaper foreign competition.
Today it employs more than 22,000 people globally, including more than 14,000 in the US.
The larger Nippon said the purchase would enhance its long-term growth prospects by expanding its footprint in the US, where the industry is expected to grow, boosted by recent government investments in infrastructure and electric cars.
Nippon said it would honour existing contracts with US Steel union workers and the company would retain its name, brand and headquarters in Pittsburgh.
“[Nippon has] a proven track record of acquiring, operating, and investing in steel mill facilities globally,” said US Steel chief David Burritt, adding he was confident that the combination was “best for all”.
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