Nippon Steel delays closing of acquisition of U.S. Steel until late this year after Justice Department request

Nippon Steel said Friday it has postponed the expected closing of its $14.1-billion takeover of U.S. Steel by three months after the U.S. Department of Justice requested more documentation related to the deal.

“Nippon Steel will continue to fully co-operate with the examination of the relevant authorities,” it said in a statement. The new timing could push the closing beyond the election, but Nippon Steel denied the delay was related to that. More than 98 per cent of the Pittsburgh-based U.S. Steel Corp. shares voted at a special investor meeting in April approved the takeover. Nippon Steel has said it has prepared adequate financing to go through with the deal.

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