PITTSBURGH – Japan’s largest steelmaker, Nippon Steel Corporation, is planning to purchase U.S. Steel. A press release issued on BusinessWire says NSC plans to acquire U.S. Steel for $55 per share, for a total of nearly $15 billion. The release says this acquisition was unanimously approved by the board of directors for both NSC and U.S. Steel. It’s expected to close in the second or third quarter of 2024. U.S. Steel will reportedly retain its name, brand and headquarters in Pittsburgh. The deal will also honor collective bargaining agreements with the United Steelworkers Union. NSC says this transaction will “enhance its world-leading manufacturing and technology capabilities” and allow the company to expand geographically for the benefit of stakeholders. We look forward to collaborating closely with the U. S. Steel team to bring together the best of our companies and move forward together as the ‘Best Steelmaker with World-Leading Capabilities,'” his statement said in part.