Summary by Moomoo AI
United States Steel Corporation (U. S. Steel) announced a merger agreement with Nippon Steel Corporation (NSC) on December 18, 2023. Under the agreement, NSC will acquire all outstanding shares of U. S. Steel common stock for $55.00 per share in cash. The transaction will result in U. S. Steel becoming a privately held company and ceasing to be publicly traded. The merger is subject to approval by U. S. Steel stockholders, regulatory approvals, and other customary closing conditions. U. S. Steel's 2023 financial performance showed strong results with net earnings of $895 million, although this was a decrease from $2,524 million in 2022. The company's net sales for 2023 were $18,053 million, a 14% decrease from $21,065 million in the previous year. The decrease in sales was attributed to lower average realized prices across most product categories. U. S. Steel's liquidity at the end of 2023 was solid with $2,948 million in cash and cash equivalents and a total liquidity of $5,174 million.