The agreement ends a monthslong sales process for the 122-year-old company that was created by J.P. Morgan, Andrew Carnegie and others, and played an integral role in the country’s industrialization in the 20th century. Following the close of the transaction, U.S. Steel will retain its name, brand and headquarters in Pittsburgh.

The move would make Nippon Steel one of the world’s largest steel producers. The Japanese company has faced sluggish demand in its home market and has said it aims to expand overseas in regions–including Southeast Asia, India and the U.S.—where it sees growth.

[Hmmm. US Steel had an opportunity in August to sell to a domestic competitor, Cleveland-Cliffs, but turned it down. No doubt the Nippon Steel bid was more lucrative. But there’s something about the loss of American control over US Steel that feels like an analogy to the way in which we’ve sold out our influence and dominance over the last several decades. Salena Zito wrote about this deal in September, and will no doubt have more to say about it soon. — Ed]

It’s over. After 122-year-old US STEEL is now Nippon Steel. The Pittsburgh based iconic steelmaker which employs 22,740 including 3,700 here in southwestern Pennsylvania where the Edgar Thomson & Irvin plants are is now owned by a Japanese company. https://t.co/p8CJUAvMsy

— ZitoSalena (@ZitoSalena) December 18, 2023