US Steel shareholders on Friday approved a $14.9 billion takeover bid from Japan’s Nippon Steel, moving the merger one step closer to completion. US Steel said more than 98% of votes were in favor of the deal, which would see Nippon pay $55 a share, a figure that represented a huge premium when the takeover was announced in December. However, several US lawmakers have since opposed the deal, citing national security concerns. President Joe Biden has said US Steel should remain an American firm owned by its people. The deal has also drawn criticism from the United Steelworkers union, which is concerned about potential job losses. The deal is expected to close in the second or third quarter of this year, the companies have said previously.
