DoJ seeks more details from US Steel, Nippon Steel on proposed merger

FILE PHOTO: Nippon Steel logos are displayed at the company's headquarters in Tokyo, Japan March 18, 2019. REUTERS/Yuka Obayashi/File PhotoThe U.S. Department of Justice is seeking more details and documentary materials as part of an antitrust review of Nippon Steel's proposed $15 billion takeover of U.S. Steel, the American firm said on Thursday.

The DoJ's request comes after the Japanese firm's proposed bid drew sharp criticism in the U.S., including from President Joe Biden, who said the asset should be domestically owned.Despite fears of layoffs, Japan's largest steelmaker has pledged no job cuts as a result of the merger and has said it will move its own U.S. headquarters to Pittsburgh where U.S. Steel is based.

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