 Japan's Nippon Steel 5401.T clinched a deal on December 18 to buy US Steel X.N for $14.9 billion in cash, prevailing in an auction for the 122-year-old iconic steelmaker over rivals including Cleveland Cliffs CLF.N and Arcelor Middle MT.LU. The deal price of $55 per share represents a 142% premium to August 11, the last trading day before Cleveland Cliffs unveiled a $35 per share cash-n-stock bid for US Steel CLF's move prompted US Steel to launch a sale process. In a meeting of its board of directors on Sunday, US Steel deemed Nippon's offer superior to a sale to Cleveland Cliffs, which had raised its bid in the high $40 per share range, the sources said. The deal will help Nippon, the world's fourth-largest steelmaker, move toward 100 million tons of global crude steel capacity, while significantly expanding its production in the United States, where steel prices are expected to rise as automakers ramp up production following their recent deals with labor unions to end strikes.