Japan’s Nippon Steel has extended the closing period for its USD 15 bln acquisition of U.S. Steel, expressing confidence that the deal will bolster the American company’s growth and security. The estimated closing date has been pushed to the first quarter of 2025, revised from the earlier timeline of the third or fourth quarter of 2024.
The acquisition remains under review by the Committee on Foreign Investment in the United States (CFIUS), which referred the matter to President Joe Biden on December 23, 2024. The President has 15 days to make a final decision. Additionally, the U.S. Department of Justice’s Antitrust Division review is still pending.
U.S. Steel has emphasized the deal’s benefits, stating that it strengthens U.S. national and economic security through investment and innovation by an ally. Nippon Steel has committed over USD 2.7 bln in investments in U.S. Steel facilities, enforceable through binding legal agreements. The company described the acquisition as a model for “friendshoring” to counter competitive threats from China.
Despite these assurances, both Biden and his successor, Donald Trump, have voiced opposition to the purchase. Nippon Steel announced its intent to acquire U.S. Steel in December 2023 for USD 55 per share, valuing the deal at USD 14.9 bln, including assumed debt.
