U.S. Steel shareholders have overwhelmingly approved the firm’s sale to Nippon Steel of Japan for $14.1 billion in cash, voicing unequivocal support for a combination that has drawn opposition from the Biden administration on economic and national security grounds. More than 98% of the shares voted Friday at a special investor meeting approved the takeover, according to a preliminary count of ballots announced by U.S. Steel. The deal has raised concerns about what the sale could mean for unionized workers, supply chains and U.S. national security, and is opposed by President Joe Biden.
