US Steel stockholders ‘overwhelmingly voted to approve’ the proposed merger with Nippon Steel, during a recent stockholders meeting, the company has announced.
More than 98% of the shares voted at the Special Meeting, representing approximately 71% of the shares of US Steel common stock were voted in favour of the proposal to adopt the merger agreement.
This announcement follows months of scrutiny regarding the deal under the Biden administration, particularly regarding its potential ‘threat’ to national security.
“US Steel has been an iconic American steel company for more than a century, and it is vital for it to remain an American steel company that is domestically owned and operated.”
Joe Biden, president of the United States
Last month, US president Biden stated that: “US Steel has been an iconic American steel company for more than a century, and it is vital for it to remain an American steel company that is domestically owned and operated.”
The merger is currently undergoing investigation from both the Justice Department, and the Committee on Foreign Investment.
''This is an important milestone as we progress toward completing the transaction.''
David B. Burritt, president and CEO of US Steel
David B. Burritt, president and CEO of US Steel commented on the vote, “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 and moving forward together as the ‘Best Steelmaker with World-Leading Capabilities.’