TOKYO (dpa-AFX) - Employees of United States Steel Corp. (X), Wednesday hosted a rally in support of the proposed transaction with Nippon Steel (NISTY.PK, NISTF.PK). The deal was announced in 2023 to acquire the steel company in an all-cash deal valued at $55.00 per share, totaling $14.9 billion.
The employees warned that if the deal does not proceed, U.S. Steel will likely shift away from its blast furnace facilities, putting thousands of jobs at risk, negatively impacting numerous communities nearby the facilities, and depriving the American steel industry of an opportunity to better compete on the global stage.
The deal had already received regulatory approvals outside of the U.S., and is currently undergoing the regulatory review process in the U.S.
Currently, United States Steel's stock is climbing 2.67 percent, to $36.55 on the New York Stock Exchange.
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