US Steel Sale to Nippon Steel Poised to Close After Trump Deal
Nippon Steel and US Steel in the release said they had received regulatory approvals and that “the partnership is expected to be finalized promptly.” The deal is expected to close by June 18, the merger agreement deadline, Japan’s Nikkei reported on Saturday, without saying where it got the information... (Bloomberg) -- Nippon Steel Corp. won conditional US approval for its $14.1 billion purchase of United States Steel Corp., capping a lengthy saga in a tie-up that will create one of the world’s largest steel companies.Most Read from BloombergShuttered NY College Has Alumni Fighting Over Its FutureTrump’s Military Parade Has Washington Bracing for Tanks and WeaponryNYC Renters Brace for Price Hikes After Broker-Fee BanAs Part of a $45 Billion Push, ICE Prepares for a Vast Expansion of Detention SAs part of the $55-per-share deal, the Japanese company will invest an additional $11 billion by 2028, including an initial commitment in a greenfield project that would be completed after 2028. Nippon had previously raised its pledged additional investment in an effort to win President Donald Trump’s approval.Commerce Secretary Howard Lutnick said in a social post on Saturday that the US golden share gives it the option to, among other things, prevent Nippon Steel from moving the company out of Pittsburgh, change the name of US Steel or close plants in the US without US government consent.Trump has also hailed the accord as vindication of his trade policies, which have seen the administration levy tariffs in a bid to pressure companies to shift more manufacturing to the US. Japan has been engaging in negotiations with the US over trade in a bid to avoid higher levies Trump has threatened. Trump’s decision to champion Nippon Steel’s bid offers to provide fresh momentum for those talks.