Shareholders of U.S. Steel sign off on Nippon buyout

Shareholders in U.S. still on Friday approved a proposed merger with the Japanese Nippon Steel Corporation (NSC).

"More than 98% of the shares voted at the Special Meeting, representing approximately 71% of the shares of U. S. Steel common stock issued and outstanding as of the record date for the Special Meeting, were voted in favor of the proposal to adopt the merger agreement," the company confirmed in a press release.

Nippon reached an agreement to purchase U.S. Steel in December of last year for a price of $14.9 billion, though the announcement drew considerable scrutiny from American lawmakers.

"I just have to say it's absolutely outrageous that they have sold themselves to a foreign nation and a company," Pennsylvania Democratic Sen. John Fetterman said at the time.

"The President believes U.S. Steel was an integral part of our arsenal of democracy in WWII and remains a core component of the overall domestic steel production that is critical to our national security," National Economic Advisor Lael Brainard said on President Joe Biden's behalf.

But CEO David B. Burritt was optimistic that "[t]his transaction will make U. S. Steel and the domestic steel industry stronger and more competitive, enhancing the legacy of steel that is mined, melted and made in America, in the face of unfair competition from China."

Ben Whedon is an editor and reporter for Just the News. Follow him on X, formerly Twitter.