Nippon Steel Corporation Extends Acquisition Closing Date of $15 Billion United States Steel Deal
Nippon Steel Corporation has announced that it has extended the closing date for its $15 billion acquisition of United States Steel Corporation to the first quarter of 2025, revising its earlier estimate of late 2024. The delay comes after the Committee on Foreign Investment in the United States (CFIUS) referred the transaction to President Joe Biden for review, who has 15 days to decide whether to approve or block the deal. Additionally, the U.S. Department of Justice’s Antitrust Division is still conducting its own review, with no timeline provided for its conclusion.
Despite the delay, Nippon Steel expressed confidence in the deal, stating that it remains committed to preserving and enhancing U.S. Steel’s operations. The company emphasized its plans for significant investments in U.S. Steel’s facilities and workforce, aimed at bolstering American steel production and supporting national security, economic stability, and job creation.
However, the acquisition has faced political opposition, with both President Biden and incoming President Donald Trump signaling reservations about the foreign purchase of the iconic American company. In response, Nippon Steel called for a “fair and fact-based evaluation” of the deal during the ongoing reviews.
