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Thursday, December 21, 2023

Storied US Steel to Be Acquired for More Than $14 Billion by Nippon Steel

Storied US Steel to Be Acquired for More Than $14 Billion by Nippon Steel

U.S. Steel, the Pittsburgh steel producer that played a key role in the nation’s industrialization, is being acquired by Nippon Steel in an all-cash deal valued at approximately $14.1 billion

Gene J. Puskar

FILE - United States Steel's Edgar Thomson Plant in Braddock, Pa. is shown on Feb. 26, 2019. U.S. Steel, the Pittsburgh steel producer that played a key role in the nation’s industrialization, is being acquired by Nippon Steel in an all-cash deal valued at approximately $14.1 billion. The transaction is worth about $14.9 billion when including the assumption of debt. Nippon, which will pay $55 per share for U.S. Steel, said Monday, Dec. 18, 2023 that the deal will bolster its manufacturing and technology capabilities. (AP Photo/Gene J. Puskar, File)Gene J. Puskar

U.S. Steel, the Pittsburgh steel producer that played a key role in the nation's industrialization, is being acquired by Nippon Steel in an all-cash deal valued at approximately $14.1 billion.

The transaction is worth about $14.9 billion when including the assumption of debt. The combined company will be among the top three steel-producing companies in the world, according to 2022 figures from the World Steel Association.

The price tag for U.S. Steel is nearly double what was offered just four months ago by rival Cleveland Cliffs. U.S. Steel, which rejected that offer, confirmed the offering price from Nippon early Monday. 

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Blogger's note:  This simply continues the de-industrialization of US industries.  It continues the destruction of my country.  I have fought against all of the so-called "Free Trade" agreements, but to no avail.  Americans will soon wake up to a country bathed in poverty, crime, famine, violence and chaos.  They will wonder what happened, and never think that it had anything to do with their ignorance, and inaction.  No they will have their beer while watching pro-football. 

Just a coincidence that the US Steer Industry was being destroyed while The Pittsburgh Steelers were the top team in the US.

 

 

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