Steel Mills

White House may delay decision on USS-Nippon deal until after election: report

Written by Ethan Bernard

September 13, 2024

The White House decision on whether or not to block Nippon Steel’s play for U.S. Steel might be pushed back until after the upcoming presidential election, according to a report in the Washington Post.

The article said concerns are growing regarding the “political and economic consequences” of blocking the deal. It cites three people with knowledge of the matter who preferred to remain anonymous.

The sources reported that a decision is not likely soon, and may be delayed until after the US election in November.

Recall that, earlier this month, reports surfaced that President Biden was preparing to scuttle the deal.

Japanese steelmaker Nippon first announced the proposed buy, valued at over $14 billion, for Pittsburgh-based U.S. Steel in December.

Since then, it’s been a bumpy ride, as other politicians, including Vice President Kamala Harris and former President Donald Trump, respective Democrat and Republican presidential nominees in 2024, have come out against the merger. Additionally, the United Steelworkers (USW) union has been against the deal from the start.

If blocked, USS has threatened that it will have to cut thousands of jobs and move its headquarters out of Pittsburgh.

Several US government regulatory hurdles for the transaction remain outstanding.

Nippon Steel declined to comment for this article and a request for comment from U.S. Steel was not returned by time of publication.

Ethan Bernard

Ethan Bernard is a reporter and editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA. in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.

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