US Steel is being purchased by Japan's largest steelmaker for nearly $15 billion.
Nippon Steel Corporation will pay cash in a transaction with a stock value of $55 per share.
As part of the agreement, US Steel will keep its name and headquarters in Pittsburgh and all collective bargaining agreements with the Steelworkers Union will be honored.
The deal was unanimously approved by the board of directors of both companies and is expected to be complete in the second or third quarter of 2024.
US Steel and Nippon Steel are holding a conference call this morning to discuss details of the acquisition.