U.S. Steel Stockholders Approved Proposed Merger with Nippon Steel

SEATTLE (Scrap Monster): The special meeting of stockholders of the United States Steel Corporation (U.S. Steel) saw the shareholders overwhelmingly voting in approval of the proposed merger deal with Japanese Nippon Steel Corporation (NSC). The approval represents a key milestone towards completion of the merger transaction.

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According to company press release, more than 98% of the shares voted in the Special Meeting favouring the proposal to adopt the merger agreement. The shares present at the meeting represented approximately 71% of the shares of U. S. Steel common stock issued and outstanding as of the record date. The final, certified voting results will be disclosed by the company on a Form 8-K with the U.S. Securities and Exchange Commission as they become available.

The transaction is expected to make U. S. Steel and the domestic steel industry stronger and more competitive.

Commenting on the vote, David B. Burritt, President & Chief Executive Officer of U. S. Steel said that the overwhelming support from the stockholders is a clear endorsement that they recognize the compelling rationale for its transaction with NSC. U.S. Steel is one step closer to bringing together the best of both the companies, he added.