GARY, Ind. (WOWO): Officials from Gary based US Steel announced on Monday that they have been sold to a Japanese company. US Steel, which is still a large employer of Hoosiers in northern Indiana, has agreed to sell itself to Japanese steel making company, Nippon Steel.

Nippon is buying US Steel for a whopping 14.1 billion dollars. US Steel has been around for 122 years ever since it was bought from Andrew Carnegie by J.P. Morgan and Charles Schwab back in 1901. The company has faced decades of decline in both steel output and stock market value.

The price tag for U.S. Steel is nearly double what was offered just four months ago by rival Cleveland Cliffs. U.S. Steel, which rejected that offer, confirmed the offering price from Nippon early Monday.

Though the company is based in Pittsburgh, it’s largest steel manufacturing plant is in Gary. The company will keep its name and its headquarters in Pittsburgh, according to Inside Indiana Business.

U.S. Steel also has facilities in East Chicago and Portage.