US Steel shareholders approve takeover by Japan's Nippon Steel opposed by Biden administration
PITTSBURGH (AP) — U.S. Steel shareholders have overwhelmingly 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.”
The United Steelworkers, which represents the U.S. Steel labor force, did not respond to requests by The Associated Press for comment on the shareholder vote.
Related articles
‘Welcome to Wrexham’ returns for a ‘nail
Four years after purchasing Wales’ Wrexham A.F.C., Ryan Reynolds and Rob McElhenney seem to have no2024-04-30U.S. veto pushes situation in Gaza into more dangerous one: spokesperson
BEIJING, Feb. 21 (Xinhua) -- Various parties, including China, expressed strong disappointment by an2024-04-30Inside the bizarre Las Vegas conference where Trump
A right-wing sheriffs' group that challenges federal law held a bizarre rally in Las Vegas last week2024-04-30Cruz Beckham's VERY sweet tribute to mum Victoria at her star
Cruz Beckham, 19, paid an incredibly sweet tribute to his mum Victoria at her 50th birthday party on2024-04-308th Aswan int'l women film festival opens in Egypt
The eighth edition of the Aswan International Women Film Festival (AIWFF) opens Saturday night in Eg2024-04-30Armenia asks UN court to throw out Azerbaijan’s claim alleging racial discrimination
THE HAGUE, Netherlands (AP) — Lawyers for Armenia asked the top United Nations court on Monday to th2024-04-30
atest comment