Nippon Steel Closes $14.1 Billion Acquisition of US Steel
[Stay on top of transportation news: .]
Nippon Steel Corp. closed its $14.1 billion takeover of United States Steel Corp., bringing to an end an 18-month effort to combine the American and Japanese steelmakers, the companies said in a June 18 statement.
The $55-a-share cash deal creates the world’s second largest steelmaker and turns the combined entity into a formidable competitor within the American steel industry.
Nippon Steel also gets an important foothold in the U.S. that helps avoid President Donald Trump’s 50% steel tariffs.
The New York Stock Exchange halted trading of U.S. Steel shares earlier June 18, noting that the acquisition was effective.
Today is a momentous day for , as we finalized our historic partnership with Nippon Steel. Together, Nippon Steel and U. S. Steel are positioned to move forward as the ‘Best Steelmaker with World-Leading Capabilities.’ Learn more: — U. S. Steel (@U_S_Steel)
Nippon Steel and U.S. Steel reached a conditional deal with Trump’s administration on June 13 that allowed the companies to close their deal first announced in December 2023, after the Japanese steelmaker agreed to invest an additional $11 billion in the Pittsburgh-based producer.
The steelmakers said they also struck a National Security Agreement with the U.S., in which U.S. Steel will issue a so-called golden share to the government. The golden share gives consent rights to the U.S. president concerning reductions in capital investments, changing U.S. Steel’s name and headquarters, redomiciling outside the U.S., transferring jobs or production outside the U.S., acquisitions and decisions to close or idle existing facilities.
Want more news? Listen to today's daily briefing belowÌýor go here for more info:
