Nippon Steel of Japan has made an offer to buy U.S. Steel (X) for $7.01 billion U.S.
Nippon Steel sees the U.S. market as a growth opportunity that can help it to offset declining demand in Japan and elsewhere in Asia.
Media reports say that Nippon Steel plans to make U.S. Steel a wholly owned subsidiary should the acquisition receive the required regulatory approvals and close successfully.
U.S. Steel has been a takeover target for most of the past year, having let it be known in early 2023 that it would consider an offer.
Shares of U.S. Steel rose 25% in premarket trading on news of the takeover offer. Prior to today (Dec. 18), U.S. Steel’s stock had increased 57% in 2023 to trade at $39.33 U.S. per share.
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