United States Steel Corporation (U.S. Steel) announced that following a special meeting of shareholders held on April 12, after a preliminary vote count, U.S. Steel shareholders approved the proposed union with Nippon Steel Corporation. More than 98% of the shares voted at the special meeting, representing approximately 71% of the shares of U.S. Steel common stock issued and outstanding as of the record date for the special meeting, voted in favor of the proposal to approve the two companies' merger agreement.
Commenting on the vote, Dave Burritt, President and Chief Executive Officer of U.S. Steel, said:
"The overwhelming support from our shareholders is a clear indication that they recognize the sound rationale for our agreement with Nippon Steel. This is an important milestone towards finalizing the agreement. This agreement is truly the best path forward for all U.S. Steel stakeholders - union and non-union employees, customers, communities and shareholders - and for our country."
U.S. Steel announced the final certified ballot results on April 17 and reiterated that U.S. Steel will remain a U.S. company headquartered in Pittsburgh, Pennsylvania, and that its products will continue to be "mined, smelted and manufactured in America."
Increased capital investment of at least $1.4 billion in U.S. Steel's integrated steel mills and access to Nippon Steel's technology and R&D capabilities will help U.S. Steel produce more advanced and environmentally sustainable steel for domestic customers.
This is expected to strengthen the U.S. industry's resilience against competitors from China and support America's important alliance with Japan. No plants will close, and production and jobs will remain in the United States.
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