Nippon Steel delays closing of acquisition of US Steel until late this year after US DOJ request

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Nippon Steel says 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.

FILE - Nippon Steel Corporation's logo is displayed on a sign outside its headquarters in Tokyo on Nov. 26, 2021. Nippon Steel said Friday, May 3, 2024, 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. $14.1 billion takeover of U.S. Steel

Tokyo-based Nippon Steel Corp. said the deal, already approved by U.S. Steel's shareholders, is still expected to go through.“Nippon Steel will continue to fully cooperate 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% 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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