Posted on 15 Apr 2024
US Steel shareholders' preliminary vote count reveals that 98% of the shares approve of the proposed acquisition by Japan's Nippon Steel, Kallanish learns from a US Steel press release.
The official vote took place at a special investor meeting on Friday. The 98% approval comprises 71% of the US Steel common stock.
“The overwhelming support from our stockholders is a clear endorsement that they recognise the compelling rationale for our transaction with NSC. This is an important milestone as we progress toward completing the transaction,” states David Burritt, US Steel's chief executive officer.
Upon the news, the United Steelworkers (USW) union issued its own communication to members.
“We are not surprised by stockholders electing to cash in and sell out the iconic American company’s employees and retirees, along with the communities where we live and work," USW leadership comments. "Thankfully, today’s vote isn’t the end of the story: The decision ultimately isn’t simply up to shareholders and executives."
That statement is signed by Mike Milsap of the union’s negotiating committee and David Mc Call, USW international president. They add: “US Steel would have no value if not for the hard work of generations of USW members to build the company into what it is now.”
Source:Kallanish
