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US Steel has agreed to be bought by NIppon Steel, Japan’s largest steelmaker, in a $14.1 billion deal.

The deal marks the latest step in a gradual decline for the iconic 122-year old company, which was once the largest company on the planet. It was one of the first major conglomerates and a symbol of American industrial might.

But it is no longer even the largest US steelmaker, having been surpassed by Nucor Steel years ago.

Under terms of the deal US Steel’s operations will retain its name and will continue to have a headquarters in Pittsburgh.

This is a developing story. It will be updated.

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