Employees of United States Steel Corporation (symbol: X) held a rally on Wednesday to show their support for the proposed acquisition by Nippon Steel (ticker: NISTY.PK, NISTF.PK). The transaction, announced in 2023, is structured as an all-cash deal valued at $55.00 per share, bringing the total to $14.9 billion.
During the rally, employees voiced concerns that if the deal falls through, U.S. Steel may move away from its blast furnace operations. This shift could jeopardize thousands of jobs, adversely affect surrounding communities, and weaken the American steel industry's competitiveness on the global stage.
The acquisition has already secured regulatory approvals outside the United States and is presently under regulatory review within the country.
As of now, United States Steel's stock has risen by 2.67 percent, reaching $36.55 on the New York Stock Exchange.
