US Steel has agreed to be bought by Nippon Steel, Japan’s largest steelmaker, in a $14.1 billion deal.
The deal marks the latest step in a gradual decline for the iconic 122-year old company, which was once the largest company on the planet.
But it is no longer even the largest US steelmaker, having been surpassed by Nucor Steel years ago.
“US Steel’s best days are ahead, together,” Burritt told investors at the conclusion of a conference call Monday.
Under terms of the deal, US Steel’s operations will retain its name and will continue to have a headquarters in Pittsburgh.
The union, which has 11,000 members at US Steel, attacked the Nippon Steel deal on Monday.
The new company became the world’s first to be valued at more than $1 billion, double the entire US budget that year. »
