On Monday, 122-year-old steel company US Steel agreed to sell itself to Japanese steelmaker Nippon Steel for an all-cash $14.8 billion offer.
The deal would reportedly maintain US Steel’s name as well as retain the company’s headquarters in Pittsburgh.
However, the deal is expected to face backlash as the United Steel Workers labor union maintains it will only support US Steel’s sale to another American company.
US Steel shares surged 27% during trading Monday following news of its pending deal with Nippon Steel.
