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(CNN) - 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. It was one of the first major conglomerates and a symbol of American industrial might.
But it is no longer even the largest US steelmaker, having been surpassed by Nucor Steel years ago.
“We are confident that … this combination is truly best for all,” said US Steel CEO David Burritt. “Today’s announcement also benefits the United States — ensuring a competitive, domestic steel industry, while strengthening our presence globally.”
“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. But the deal could still stir opposition.
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. It was one of the first major conglomerates and a symbol of American industrial might.
But it is no longer even the largest US steelmaker, having been surpassed by Nucor Steel years ago.
“We are confident that … this combination is truly best for all,” said US Steel CEO David Burritt. “Today’s announcement also benefits the United States — ensuring a competitive, domestic steel industry, while strengthening our presence globally.”
“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. But the deal could still stir opposition.
