Metal Industry News

U.S. Steel Shareholders Support Nippon Sale

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U S. Steel stockholders overwhelmingly voted to approve the proposed merger with Nippon Steel Corporation. More than 98 percent of the shares voted at a special meeting, representing approximately 71 percent of the shares of U.S. Steel common stock.

“The overwhelming support from our stockholders is a clear endorsement that they recognize the compelling rationale for our transaction with NSC. This is an important milestone as we progress toward completing the transaction. We are one step closer to bringing together the best of our companies," said David B. Burritt, president and CEO of U.S. Steel

"This transaction truly represents the best path forward for all of U. S. Steel’s stakeholders – union and non-union employees, customers, communities and stockholders – and for the United States and our home in Pennsylvania. By creating the best steelmaker in the world, we will have a stronger company to sustain our talented employees and fulfill all commitments to them, including all of the obligations under the agreements in place with our unions. We will deliver enhanced capabilities and innovations for our customers in the United States and globally and be able to invest in greener steel to meet our climate commitments," Burritt said. 

While the shareholders showed support for the deal, the United Steelworkers continue to express opposition. The union most recently expressed concern that Nippon would seek to lift tariffs on Japanese tin mill products despite recently idled USS tin mill production at UPI and Gary Works, in addition to Cliffs' idling of operations at Weirton.

"Given Nippon's current actions, its public promises ring hollow. We have no reason to believe it will change course should the transaction  with USS close, leaving our domestic steel industry in even greater danger," a letter from the USW claimed.