US Steel has agreed to be acquired by Nippon Steel, Japan’s largest steelmaker, in a $14.1 billion deal. This marks a significant decline for the once-dominant American company, which was once the largest in the world. While US Steel’s CEO believes the deal is beneficial for both companies and the US steel industry, the United Steelworkers union strongly opposes it, criticizing US Steel for prioritizing corporate interests over its dedicated workforce. US Steel’s prominence in the steel industry has waned in recent years, falling behind competitors and struggling to keep up with evolving technology and environmental regulations. The deal offers a 40% premium on US Steel shares, causing a surge in the company’s stock price.
https://www.cnn.com/2023/12/18/investing/us-steel-nippon-steel-deal/index.html