Japan’s Nippon Steel to Acquire US Steel in a Deal Valued at Nearly $15 Billion

The Pittsburgh steelmaker has turned down multiple domestic bidders for the company.

A worker trims a newly cast steel slab at the NLMK Indiana steel mill in Portage, Ind., on March 15, 2018. Scott Olson/Getty Images

U.S. Steel, the iconic Pittsburgh steelmaker that was once the largest corporation in the world, has agreed to a buyout proposal from Japan’s Nippon Steel for a total value of $14.9 billion.

The deal, unveiled on the morning of Dec. 18, would make U.S. Steel a wholly owned subsidiary of Nippon Steel. The Japanese steel giant offered an all-cash transaction with a price of $55 per share, which represents a 40 percent premium to U.S. Steel’s closing stock price on Dec. 15.