U.S. Steel, the Pittsburgh steel producer that played a key role in the nation’s industrialization, is being acquired by Nippon Steel in an all-cash deal valued at approximately $14.1 billion, according to an Associated Press report.
The transaction is worth about $14.9 billion when including the assumption of debt.
The price tag for U.S. Steel is nearly double what was offered just four months ago by rival Cleveland Cliffs. U.S. Steel, which rejected that offer, confirmed the offering price from Nippon early Monday.
U.S. Steel will keep its name and its headquarters in Pittsburgh, where it was founded in 1901 by J.P. Morgan, Andrew Carnegie. Nippon said that it will also honor all collective bargaining agreements in place with the United Steelworkers and other employees, and is committed to maintaining its relationship with workers.