Synopsis:
US Steel announced that its stockholders have overwhelmingly voted in favor of the proposed merger with Nippon Steel during a special meeting of stockholders. More than 98% of the shares voted at the meeting, representing approximately 71% of the outstanding shares, were in favor of adopting the merger agreement. David B. Burritt, President & CEO of US Steel, expressed that this support is a clear endorsement of the compelling rationale for the transaction.
Article:
In a significant step towards the proposed merger between United States Steel and Nippon Steel, U. S. Steel stockholders have overwhelmingly voted in favor of the transaction during a special meeting held today. The preliminary vote count reveals that more than 98% of the shares voted at the meeting, representing approximately 71% of the total outstanding shares, were in support of adopting the merger agreement.
David B. Burritt, President & Chief Executive Officer of U. S. Steel, commented on the vote, stating that the overwhelming support from stockholders is a clear endorsement of the compelling rationale behind the transaction with NSC. He emphasized that this milestone brings the companies one step closer to completing the merger and moving forward together as the "Best Steelmaker with World-Leading Capabilities."
Burritt further highlighted that the transaction represents the best path forward for all of U. S. Steel's stakeholders, including union and non-union employees, customers, communities, and stockholders, as well as for the United States and the company's home state of Pennsylvania. By creating the best steelmaker in the world, U. S. Steel aims to strengthen its ability to sustain talented employees, fulfill commitments, and deliver enhanced capabilities and innovations for customers both domestically and globally.
The merger is expected to enable U. S. Steel to invest in greener steel production to meet its climate commitments while maintaining the U. S. Steel name and Pittsburgh headquarters. Burritt emphasized that the transaction will provide even more capital to invest in Pennsylvania, ultimately making U. S. Steel and the domestic steel industry stronger and more competitive in the face of unfair competition from China.
U. S. Steel will disclose the final, certified voting results on a Form 8-K with the U.S. Securities and Exchange Commission once they become available. The company has engaged Barclays Capital, Goldman Sachs, and Evercore as financial advisors, while Milbank and Wachtell, Lipton, Rosen & Katz are acting as legal advisors for the transaction.
Conclusion:
The overwhelming support from U. S. Steel stockholders for the proposed merger with Nippon Steel Corporation marks a significant milestone in the transaction process. With more than 98% of the voted shares in favor of adopting the merger agreement, the company is now closer to creating a global steel giant that will enhance its competitiveness, sustainability, and ability to invest in its employees, customers, and communities.
Source: STEELGURU
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