Historic American company U.S. Steel will no longer be owned by citizens of the U.S.
Japan’s Nippon Steel is buying out the Pittsburgh company at $55 a share in an all-cash deal of about $15 billion. That’s almost double what U.S. Steel was offered a few months ago by rival company Cleveland-Cliffs.
The company’s headquarters will stay in Pittsburgh, but the sale could raise security concerns from regulators, an issue already raised by Pennsylvania Sen. John Fetterman (D).
U.S. Steel CEO David Burritt, however, feels more optimistic, saying, “This is going to increase competition here in the United States with a great ally to the United States.”
The U.S. currently ranks fourth in global steel production. China ranks first followed by India and Japan.