US Steel shareholders vote on controversial Nippon deal

U.S. Steel shareholders approved the $14.1 billion controversial takeover by Japanese-owned Nippon Steel. 

More than 98% of the shares voted at Friday’s meeting to approve the merger, making up about 71% of the company’s outstanding stock, U.S. Steel said. 

"The overwhelming support from our stockholders is a clear endorsement that they recognize the compelling rationale for our transaction with [Nippon Steel Corporation]," said U.S. Steel President and CEO David Burritt in a statement. "This transaction will make U.S. Steel and the domestic steel industry stronger and more competitive," he added.