Summary by Moomoo AI
United States Steel Corporation (USS) has voluntarily amended and supplemented its Definitive Proxy Statement in response to eleven demand letters from putative stockholders, who allege deficiencies in the disclosures related to the company's upcoming merger with Nippon Steel North America, Inc. The merger, previously announced on December 18, 2023, is set to result in USS becoming a wholly owned subsidiary of Nippon Steel North America, Inc. The demand letters claim that the Preliminary Proxy Statement and the Definitive Proxy Statement, filed on January 24 and March 12, 2024, respectively, lacked sufficient information. Despite USS and its Board of Directors believing these claims to be without merit, they have chosen to update the Definitive Proxy Statement to avoid potential litigation risks and delays in the merger process. The supplemental disclosures do not alter the merger terms or the Special Meeting scheduled for April 12, 2024, where stockholders will vote on the merger agreement. The Board continues to recommend a vote in favor of the merger.