Despite concerns that the relationship between Japanese steelmaker Nippon Steel and the Chinese steel industry could pose a danger to American national and economic security, as well as the opposition from US President Joe Biden and the United Steelworkers (USW) to the acquisition of United States Steel Corporation (US Steel) by Nippon, US Steel has announced that 98 percent of its stockholders have voted to approve the proposed acquisition by Nippon Steel Corporation. The 98 percent approval comprises 71 percent of US Steel common stock.
“We will deliver enhanced capabilities and innovations for our customers in the US and globally and be able to invest in greener steel to meet our climate commitments. This transaction will make US 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,” David Burritt, CEO of US Steel, said.