CLEVELAND — On Monday, Nippon Steel of Japan announced that it will acquire U.S. Steel for $14 billion.

What You Need To Know

  • United States Steel Corporation (U.S. Steel) is one of the nation's oldest companies

  • Nippon Steel, a Japanese company announced this week that it will buy U.S. Steel for more than  $14 billion  

  • Some U.S. lawmakers are seeking to block the deal

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Another American steel company, Cleveland-Cliffs, had also sought to purchase U.S. Steel, but its bid was ultimately rejected in the final days of negotiations. Cleveland-Cliffs stock still rose after the announcement, as did U.S. Steel stock. 

Spectrum News spoke with Michael Cowden, managing editor of Steel Market Update, which provides analysis of the steel industry. He shared his thoughts on the deal.

“It allows U.S. Steel to continue to expand,” said Cowden. “The headquarters will stay in Pittsburgh, U.S. Steel will keep its iconic logo. I think it’s a really kind of a good deal for both parties.”

Click on the video box above to view the full interview.