After today’s special stockholders’ meeting, United States Steel Corporation (NYSE: X) (“U.S. Steel”) announced a resounding approval from its shareholders for the proposed merger with Nippon Steel Corporation (NSC) (TSE: 5401). The preliminary vote count revealed that over 98% of the shares voted at the meeting, representing roughly 71% of U.S. Steel’s total outstanding common stock as of the record date, were in favor of adopting the merger agreement.
David B. Burritt, President & CEO of U.S. Steel, expressed his gratitude for the overwhelming support, stating, “Our shareholders’ overwhelming approval underscores the compelling rationale behind our collaboration with NSC. This marks a significant milestone in our journey towards finalizing the merger. It brings us closer to leveraging the strengths of both companies and advancing together as the ‘Best Steelmaker with World-Leading Capabilities.'”
Burritt emphasized that the merger serves the best interests of all U.S. Steel stakeholders, including employees, customers, communities, and stockholders, as well as the broader national interest. He highlighted the commitment to uphold obligations to employees and invest in innovations, including eco-friendly steel production to meet environmental goals. Furthermore, he assured the retention of the U.S. Steel identity and headquarters in Pittsburgh, with increased capital allocation towards Pennsylvania.
He added, “This merger will fortify U.S. Steel and the domestic steel sector, enhancing America’s steel legacy amidst challenges like unfair competition from China.”
Final, certified voting results will be disclosed by U.S. Steel on a Form 8-K filing with the U.S. Securities and Exchange Commission when available.
Barclays Capital Inc., Goldman Sachs & Co. LLC, and Evercore Inc. are providing financial advisory services to U.S. Steel, while legal counsel is being provided by Milbank LLP and Wachtell, Lipton, Rosen & Katz.
