Nippon Steel agreed on 18 December 2023 to buy United States Steel Corp. in an all-cash deal at $55 a share, an equity value of about $14.1 billion and a total enterprise value of $14.9 billion including debt. The price was a 40 percent premium to U.S. Steel's closing share price on 15 December, and both boards approved the deal unanimously. The transaction, expected to close in the second or third quarter of 2024, would lift Nippon Steel's annual crude steel capacity to 86 million tonnes and make the combined group one of the world's largest steelmakers. U.S. Steel would keep its name and Pittsburgh headquarters. Nippon Steel won the auction after U.S. Steel rejected a $7.3 billion offer from Cleveland-Cliffs in August and reviewed proposals from several bidders, including Esmark and ArcelorMittal.
Source: Nippon Steel — https://www.nipponsteel.com/common/secure/ir/library/pdf/20231218_100.pdf
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