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Feb 11, 2024
STEVE PAVLICK: Everything You Need To Know About The Potentially Seismic Sale Of US Steel
STEVE PAVLICK: Everything You Need To Know About The Potentially Seismic Sale Of US Steel
Drew Angerer/Getty Images The potential sale of one of America's largest domestic steel producers, U.S. Steel, has raised eyebrows among lawmakers in key battleground states and even garnered the attention of the White House. Buy, Sell or Hold In December, Nippon Steel, the largest steel producer in Japan and fourth largest globally, announced plans to acquire U.S. Steel for $55 per share for a total of roughly $14 billion. In August, Cleveland-Cliffs, a steel producer based in Ohio, made a $35 per share offer for U.S. Steel but eventually upped the amount to nearly match the Nippon offer at $54 per share. The Cleveland-Cliffs higher offer is still about $220 million less than Nippon's all-cash offer. The prospect of losing one of the largest domestic steel producers to a foreign-controlled entity has raised concern among politicians and policymakers. U.S. Steel is an iconic American company founded in 1901 by legendary industrialists J.P. Morgan and Andrew
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