U.S. Iron and Steel X.US shareholders approve the $14.9 billion acquisition plan for new solar and steel.

U.S. steel shareholders voted Friday to approve the offer to buy the company for $14.9 billion. U.S. steel indicated that more than 98 per cent voted in favour of the deal. The Friday vote was an important step in the process of completing the deal. Last December, the fourth largest steel manufacturer in the world announced that it would spend $14.9 billion in full cash to buy US steel. The rich new solar system hopes to expand its United States footprint through this acquisition, strengthen its position as a global giant, and use overseas expansion to respond to weak domestic demand.

The U.S. Steel Workers' Federation urges regulators to “comprehensively examine” the transaction and to determine whether the merger is “in the interests of American national security and workers.” The White House, for its part, says that, given the role of the U.S. steel company in the U.S. steel production, the U.S. government considers steel production to be vital to national security. US President Biden said earlier that the U.S. steel asset should remain in the United States.

According to reports this week, informed sources have revealed that the US Department of Justice has launched an extended antimonopoly investigation into the deal. This means that the transactions that the two companies would have liked to have approved in the second or third quarter would have been further delayed, possibly until after the US presidential election in November.

According to sources, the United States Foreign Investment Commission is also reviewing the acquisition, which examines the possible national security implications of overseas buyers buying American businesses. The review is expected to take several months, and will take a decision later this year or early next year. In a paper presented to the United States Securities and Exchange Commission, Takahiro Mori, the leading negotiator for the deal, said that the new solar iron remained in contact with the United States Steel Workers’ Federation and made specific commitments in employment security, investment, and other areas.

Takahiro Mori reiterated that the new solar iron would comply with all existing agreements between the United States steel and the United States Steel Workers' Federation, and would not lay down staff, close facilities or transfer production overseas. The new solar iron had previously indicated that it planned to complete the deal by the end of September, that it would retain the brand name of the United States steel and that it would receive a $16 billion financing commitment from the Japanese bank. In a statement, the new solar iron said that it would “be confident” that the acquisition would “protect and develop American steel and bring significant benefits to its stakeholders, both to the United States steel industry and to the United States as a whole.”

Takahiro Mori stated: “We look forward to working closely with United States steel as the “best steel manufacturer with the world's leading power”.”