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United States Steel Corp(X-N)

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Japan’s Nippon Steel To Buy U.S. Steel For $7 Billion

Baystreet - Mon Dec 18, 2023
Nippon Steel of Japan has made an offer to buy U.S. Steel (X) for $7.01 billion U.S.

Nippon Steel sees the U.S. market as a growth opportunity that can help it to offset declining demand in Japan and elsewhere in Asia.

Media reports say that Nippon Steel plans to make U.S. Steel a wholly owned subsidiary should the acquisition receive the required regulatory approvals and close successfully.

U.S. Steel has been a takeover target for most of the past year, having let it be known in early 2023 that it would consider an offer.

Shares of U.S. Steel rose 25% in premarket trading on news of the takeover offer. Prior to today (Dec. 18), U.S. Steel’s stock had increased 57% in 2023 to trade at $39.33 U.S. per share.

Provided Content: Content provided by Baystreet. The Globe and Mail was not involved, and material was not reviewed prior to publication.

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