Japan's Nippon Steel to buy US Steel in $14.9 billion deal

Japan's Nippon Steel acquires US Steel for $14.9B in cash, outbidding Cleveland-Cliffs and ArcelorMittal in an auction. The deal represents a 142% premium to the last trading day price of $55 per share. US Steel chose Nippon's superior offer over Cleveland-Cliffs' bid. Nippon and ArcelorMittal jointly own a plant in Alabama and are investing $1B in an electric arc furnace. The acquisition will help Nippon expand its global crude steel capacity and production in the US, benefiting from rising steel prices as automakers increase production.