Published: December 30, 2024 |

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Japan’s Nippon Steel said on last week it has extended the closing period for its $15 billion purchase of U.S. Steel, expressing confidence that the acquisition will protect and grow the American company.

The estimated closing date was revised to the first quarter of 2025 from the third or fourth quarter of 2024 previously.

A U.S. foreign investment committee referred the decision whether to approve or block the deal to U.S. President Joe Biden, who has 15 days to decide.

Biden and his incoming successor, Donald Trump, have both expressed opposition to the purchase.

“Nippon Steel hopes that the President will use this time to conduct a fair and fact-based evaluation of the acquisition. We remain confident that the acquisition will protect and grow U.S. Steel,” Nippon Steel said.

It added that the review process of the antitrust division of the U.S. Department of Justice was also underway, without specifying when it may end.

Source: Reuters

Nippon Steel Corporation is Japan’s largest steelmaker and one of the world’s leading steel manufacturers. NSC has a global crude steel production capacity of approximately 66 million tonnes and employs approximately 100,000 people in the world. NSC’s manufacturing base is in Japan and the company has presence in 15 additional countries including: United States, India, Thailand, Indonesia, Vietnam, Brazil, Mexico, Sweden, China, and others. NSC established a joint venture in the United States around 40 years ago and has focused on building cooperative and good relationships with employees, labor unions, suppliers, customers, and communities. As the ‘Best Steelmaker with World-Leading Capabilities,’ NSC pursues world-leading technologies and manufacturing capabilities and contributes to society by providing excellent products and services.

Founded in 1901, U.S. Steel is a leading steel manufacturer. With an unwavering focus on safety, the company’s customer-centric Best for All® strategy is advancing a more secure, sustainable future for U.S. Steel and its stakeholders. With a renewed emphasis on innovation, U.S. Steel serves the automotive, construction, appliance, energy, containers, and packaging industries with high value-added steel products. The company also maintains advanced iron ore production and has an annual raw steelmaking capability of 22.4 million net tons. U.S. Steel is headquartered in Pittsburgh, Pennsylvania, with world-class operations across the United States and in Central Europe.

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