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Nippon Steel has announced that the anticipated closing date for its $14.9 billion acquisition of US Steel has been postponed. The decision comes as the Department of Justice requested additional information and documents concerning the transaction.
Initially set to close in the second or third quarter of 2024, the closure is now expected between the third and fourth quarters of the year. The Japanese steelmaker announced three weeks after US Steel’s shareholders approved the acquisition. This approval occurred despite resistance from the Biden administration, steelworkers, and several congressional lawmakers.
President Biden recently reiterated his stance against the acquisition, saying, “US Steel has been an iconic American company for more than a century. And it should remain a totally American company — American owned, American operated, by American union steelworkers — the best in the world. And that’s going to happen. I promise you.”
In response to the President’s remarks, Senator Bob Casey (D-PA) expressed his agreement and argued that the sale could significantly disadvantage American workers. Despite such opposition, US Steel defended the transaction as beneficial for all stakeholders involved, claiming it would strengthen both the company and the domestic steel industry.
