U.S. Steel, which owns Big River Steel and other operations in Northeast Arkansas, is being acquired by Tokyo-based Nippon Steel Corp. in a $14.1 billion deal, the companies announced Monday.
According to Talk Business and Politics, Nippon will pay $55 per share in an all-cash transaction, a 40% premium, for U.S. Steel. In a joint press release, the companies stated U.S. Steel will retain its name and headquarters in Pittsburgh.
Nippon Steel Corp. (NSC) is Japan’s largest steelmaker and one of the world’s leading steel manufacturers. The transaction has been unanimously approved by the board of directors of both companies and is expected to close in the third quarter of 2024.
Mississippi County in Northeast Arkansas is the largest steel-producing county in the U.S. It is home to the former Big River Steel project, owned by U.S. Steel. It is also the site of a proposed $3 billion U.S. Steel facility that is expected to come online in 2024.
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