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US Steel's shareholders just voted to end more than a century of American ownership. It may not matter

·1 min

US Steel shareholders have approved a deal for the company to be bought by Japan’s Nippon Steel. 98% of shares voted in favor of the $14 billion deal. However, the deal is facing opposition from the United Steelworkers union and politicians from both parties. Approval is required from the Justice Department and the Committee on Foreign Investment in the United States, both of which seem unlikely given the opposition. US President Biden has publicly expressed his disapproval of the deal, saying it is important to maintain strong American steel companies. The deal’s failure could lead to uncertainty about the future of US Steel.