Nippon Steel's Acquisition of U.S. Steel Approved at Shareholder Meeting

TOKYO, Apr 14 (News On Japan) - Nippon Steel's proposal to acquire American steel giant U.S. Steel has been approved at a special shareholders' meeting, with the focus now shifting to regulatory reviews for finalization.

The acquisition has stirred political controversy, as labor unions within the steel industry express opposition. In the midst of a presidential race, both President Joe Biden and former President Donald Trump, who are courting union support, have shown caution regarding the takeover.

At the emergency shareholders' meeting held on the 12th, the proposal was approved by a majority. CEO Britt remarked that the acquisition is "the best path to enhance the competitiveness of the domestic steel industry."

The acquisition now faces scrutiny from authorities concerned with national security, leaving the outcome uncertain.

Nippon Steel’s Vice Chairman Moritaka expressed optimism about the milestone, stating, "It's gratifying that a significant step toward completion of the acquisition has been taken. We look forward to progressing as the leading global steelmaker alongside U.S. Steel."

Source: NTV NEWS

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