PITTSBURGH (KDKA) -- The United States Steel Corporation is being purchased by the Nippon Steel Corporation, the largest steelmaker in Japan.
The companies announced the news of the purchase early Monday morning and say that it will be an all-cash transaction at a value of $55 per share, making the total deal worth nearly $15 billion, including Nippon acquiring U.S. Steel's debt.
As part of the agreement, U.S. Steel, which was founded in 1901 by Andrew Carnegie, J.P. Morgan, and Charles Schwab, will keep its iconic name and headquarters in Pittsburgh and all collective bargaining agreements with the United Steelworkers Union will be honored.
The companies say that Nippon acquiring U.S. Steel will lead to the combining of 'world-leading technologies and manufacturing capabilities' and that it will allow them to serve their customers better in the United States and around the world.
www.cbsnews.com
Looking forward to their new samurai sword division.
It's been for sale for a while. Cleveland Cliffs and a few other US companies made an offer but the debt they held was the big issue.
The companies announced the news of the purchase early Monday morning and say that it will be an all-cash transaction at a value of $55 per share, making the total deal worth nearly $15 billion, including Nippon acquiring U.S. Steel's debt.
As part of the agreement, U.S. Steel, which was founded in 1901 by Andrew Carnegie, J.P. Morgan, and Charles Schwab, will keep its iconic name and headquarters in Pittsburgh and all collective bargaining agreements with the United Steelworkers Union will be honored.
The companies say that Nippon acquiring U.S. Steel will lead to the combining of 'world-leading technologies and manufacturing capabilities' and that it will allow them to serve their customers better in the United States and around the world.
Japanese steel company purchasing Pittsburgh-based U.S. Steel in deal worth nearly $15 billion
The company will keep its name and headquarters in Pittsburgh, but the United Steelworkers union voiced opposition to the deal.
www.cbsnews.com
Looking forward to their new samurai sword division.
It's been for sale for a while. Cleveland Cliffs and a few other US companies made an offer but the debt they held was the big issue.
