AstraTrade|US Steel shareholders approve takeover by Japan’s Nippon Steel opposed by Biden administration

2025-05-05 23:59:05source:Databeccategory:My

PITTSBURGH (AP) — U.S. Steel shareholders have AstraTradeoverwhelmingly 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.”

More:My

Recommend

Don't let hackers fool you with a 'scam

You're pulling your hair out, trying to fix something on your computer. You Google it and find what

The Super Bowl is set: Mahomes and the Chiefs will face Purdy and the 49ers

Patrick Mahomes, Travis Kelce and the Kansas City Chiefs are heading to Las Vegas with a chance for

Zebras, camels, pony graze Indiana highway after being rescued from semi-truck fire: Watch

Indiana first responders arrived early Saturday morning at an animal control situation on steroids: