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
French sports minister calls for sanctions after Monaco player tapes over anti
PARIS (AP) — France’s sports minister has called for soccer club Monaco to be sanctioned after one o2024-05-21Kazakhstan tourism year in China launched in Beijing
In order to implement the important common understandings reached between the two heads of state of2024-05-21- Paragliders over Longyin Mountain in Southwest China's Guizhou province. CHINA DAILYGuizhou offers s2024-05-21
Yangtze town has a foot in the past and an eye on the future
The Kuixing Pavilion in Songji ancient town in Yongchuan district, Chongqing. [Photo by Li Hezi/Chin2024-05-21Biden says Brown v. Board of Education ruling was about more than education
WASHINGTON (AP) — The landmark 1954 Supreme Court ruling that desegregated schools was about more th2024-05-21Xi Focus: Nation Inspired to Foster Modern Chinese Civilization
Contact Us HomeNewsHighlightACWF NewsSocietyWom2024-05-21
atest comment