Nippon Steel has won an auction to buy 122-year-old U.S. Steel for $14.9 billion in cash, defeating Cleveland-Cliffs and ArcellorMittal.

The purchase price of $55 per share is 142% higher than Aug. 11, the penultimate trading day before Cleveland-Cliffs’ $35 cash-and-stock bid.

The decision hurts ArcelorMittal, which coveted U.S. Steel. Nippon and ArcelorMittal’s Alabama operation processes slabs from local and international vendors to make steel sheet products.

The company plans to work toward 100 million tonnes of global crude steel capacity and significantly increase its production in the US, where steel prices are expected to rise as automakers ramp up production after labor union deals to end strikes.