US steel bought by Japanese rival, ending long acquisition saga


US Steel agreed Monday to sell itself to Nippon Steel for $14.1 billion, ending months of speculation about the fate of the American industrial heavyweight.

US Steel, which was founded more than a century ago by J. Pierpont Morgan from a portion of Andrew Carnegie's industrial empire, has been weighing several takeover offers, including that of national rival Cleveland-Cliffs. A little-known steel producer, Esmark, made an even higher offer – that was light on details – before leaving days later.

In the end, US Steel chose a bid from one of its largest global competitors that was worth much more than Cleveland-Cliffs' initial bid: Nippon Steel pay $55 per share in cashcompared to the offer of $35 per share in cash and stock that Cleveland-Cliffs held in August.

“US Steel and NSC create a truly global steel company with combined capabilities and innovation capable of meeting the changing needs of our customers,” said David B. Burritt, CEO of US Steel, said in a statement.

This is a developing story. Please check back for updates.

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