American steel bought by Japanese rival, end of long takeover saga

US Steel agreed on Monday to sell itself to Nippon Steel for $14.1 billion, capping months of speculation about the fate of the American industrial heavyweight.

US Steel, which was founded more than a century ago by J. Pierpont Morgan from part of Andrew Carnegie’s industrial empire, has considered several takeover bids, including from domestic rival Cleveland-Cliffs. A little-known steelmaker, Esmark, made an even bigger offer – which contained few details – before withdrawing days later.

Ultimately, US Steel chose an offer from one of its largest global competitors that was worth significantly more than the initial offer from Cleveland-Cliffs: Nippon Steel will pay $55 per share in cashcompared to the $35 per share cash and stock offer Cleveland-Cliffs made in August.

“US Steel and NSC are creating a truly global steel company with combined capabilities and innovation capable of meeting the evolving needs of our customers,” said David B. Burritt, CEO of US Steel. said in a statement.

This is a development story. Check back for updates.