U.S. Steel shareholders on Friday approved its proposed $14.9-billion acquisition by Japan’s Nippon Steel , taking the merger one step closer to completion even as political opposition to the deal mounts.
The deal has also drawn strong criticism from the United Steelworkers labor union, which is worried about potential job losses. Nippon has pledged no job cuts as a result of the deal, to honour all agreements between the union and U.S. Steel as well as to move its own U.S. headquarters to Pittsburgh where U.S. Steel is based.
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