Monday, December 18, 2023

Japan's Nippon Steel To Buy US Steel For $14 Billion

Japan's Nippon Steel To Buy US Steel For $14 Billion 

Tyler Durden's Photo
BY TYLER DURDEN
MONDAY, DEC 18, 2023 - 05:10 AM

Nippon Steel Corp., Japan's largest steel production company, announced Monday morning that it will acquire Pittsburgh-based US Steel in an all-cash deal, valued at $55 per share, which equates to more than 2 trillion yen or about $14 billion. 

At $55 in cash, the deal is a 40% premium to the closing price of US Steel shares on Friday. Shares of X are up 27% in premarket trading in New York, around $50 a share. 


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