U.S. Steel being acquired by Nippon Steel. Growing up, U.S. Steel was on top of the "biggest corporations" list with IBM and Exxon and the other oil companies. Now, biggest? Google, Microsoft, the NFL? It is news, plus high on the list of famous movie quotes.
Photographer: Luke Sharrett/Bloomberg via Getty Images.
Japan's Nippon Steel on Monday announced that it will buy U.S. Steel for $14.9 billion.
Why it matters: One of America's most iconic companies will be owned by a foreign entity, despite domestic interest earlier this year.
Details: The $55 per share offer represents around a 40% premium to where Pittsburgh-based U.S. Steel shares ended trading on Friday.
It's also substantially higher than the rebuffed bids from American rivals Cleveland Cliffs and Esmark.
Nippon says it will honor all of U.S. Steel's existing labor union agreements.
The deal will require regulatory approvals.
The nation's steel industry importance likely peaked during WW II when our nation was supplying Russia and Britain with war goods. The nation's steel industry got passed up, globally.
