Nippon Steel extends closing date for US Steel acquisition By Investing.com
Investing.com — Nippon Steel Corporation announced on Thursday that it has extended the closing date of its $15 billion acquisition of United States Steel (NYSE: ) Corporation to the first quarter of 2025, revising its previous estimate of late 2024.
The delay follows a decision by the Committee on Foreign Investment in the United States (CFIUS) to refer the job to President Joe Biden for review.
The President has 15 days to decide whether to approve or block the deal. Additionally, the Antitrust Division of the US Department of Justice is still conducting its review, with no timeline given for its conclusion.
Nippon Steel expressed confidence in the deal, underscoring its commitment to maintaining and improving US Steel’s operations.
“We remain confident that the Acquisition will protect and grow US Steel, creating a leading steelmaker with world-leading capabilities for the benefit of American workers and customers,” the company said.
The Japanese steelmaker also highlighted its plans to make significant investments in US Steel facilities and workers, aimed at strengthening American steel production and supporting national security, economic stability, and job creation.
The acquisition has faced political opposition, with both President Biden and incoming President Donald Trump expressing skepticism about foreign acquisitions of the iconic American company.
Apart from this, Nippon Steel called for a “fair and fact-based evaluation” of the agreement during the ongoing review.
