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Japanese steel company purchasing U.S. Steel in deal worth nearly $15 billion

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.
12:01 PM - Dec 18, 2023
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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.
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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.

U.S. Steel will keep its name and its headquarters in Pittsburgh, where it was founded in 1901 by J.P.
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Morgan, Andrew Carnegie. It will become a subsidiary of Nippon.
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