FILE – In this file photo taken April 26, 2010, the United States Steel logo is shown outside the headquarters building in downtown Pittsburgh. United States Steel Corp. says its loss widened in the first quarter as it took a $399 million charge from the sale of its Serbian business. The Pittsburgh manufacturing giant lost $219 million, or $1.52 per share, for the first three months of the year. That compares with a loss of $86 million, or 60 cents per share, a year ago. Revenue rose 6.3 perce
Gene J. Puskar
Japan’s Nippon Steel is planning to purchase United States Steel in a deal expected to exceed 1 trillion yen ($7.01 billion), the Nikkei newspaper reported on Monday.
A spokesperson for Nippon Steel declined to comment on the report.
Nippon Steel sees the U.S. as a growth market that can help to offset declining demand in Japan, the Nikkei daily said, adding that the company plans to make U.S. Steel a wholly owned subsidiary.
Shares in U.S. Steel were up about 3% in U.S. premarket trading. The company did not immediately respond to a request for comment.
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