The U.S. Steel Corporation, once America’s largest steelmaker and most valuable company, is set to be acquired by Japanese company Nippon Steel for $14.9 billion.
Nippon Steel — the world’s fourth-largest steel producer — clinched the deal with an all-cash offer, outbidding American steelmakers Cleveland-Cliffs and Nucor, per the company’s announcement on Monday.
The offer marked a 40% premium over U.S. Steel’s closing stock price last Friday. The news triggered a more than 20% surge in U.S. Steel’s stock price on Monday.
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Source: https://www.businessinsider.com/us-steel-former-largest-steelmaker-sold-nippon-steel-japan-2023-12
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