The per-share offer of $55 represents a premium of about 142% when compared to U.S. Steel stock's closing price before the company announced a strategic review process on Aug. 11. Nippon Steel sees the U.S. as a growth market that can help to offset declining demand in Japan, the Nikkei daily, which earlier reported the deal, said. U.S. Steel also supplies to the renewable energy industry and stands to benefit from the Inflation Reduction Act (IRA), which provides tax credits and other incentives for such projects, something that attracted suitors.