Quote from Ndubuisi Ekekwe on December 18, 2023, 12:15 PM

US Steel, founded by J.P. Morgan and Andrew Carnegie, has been sold to Japan's Nippon Steel for $14.1 billion after the US steel giant put itself up for sale.

Japan's Nippon Steel will acquire U.S. Steel for $14.1 billion after the Pittsburgh-based giant put itself up for sale earlier this year. The union between the two companies would create an industry behemoth and the second largest steel maker in the world. U.S. Steel was founded in 1901 by J.P. Morgan and Andrew Carnegie, The Wall Street Journal notes, and "played an integral role in the country’s industrialization in the 20th century." It was once the largest company in the world. The deal will head to U.S. Steel’s shareholders and federal regulators for approval.