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US Steel shareholders approve the takeover by Japan’s Nippon Steel, opposed by the Biden administration

PITTSBURGH (AP) — U.S. Steel shareholders have overwhelmingly approved the company’s sale to Japan’s Nippon Steel for $14.1 billion in cash, signaling unequivocal support for a combination that faces opposition from the US on economic and national security grounds. Biden administration has called for.

More than 98% of those voting at a special investor meeting on Friday approved the acquisition, according to a preliminary vote count announced by Pittsburgh-based US Steel.

The transaction has raised concerns about what the sale could mean for union workers, supply chains and U.S. national security.

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President Joe Biden has come out against the deal, saying in March that the U.S. must “maintain strong American steel companies, powered by American steelworkers.” Japanese Prime Minister Fumio Kishida said at a press conference at the White House on Wednesday that he hopes discussions over Nippon “will unfold in directions that would be positive for both sides.”

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