Market Segment
November 11, 2024
Nippon still sees USS deal closing by end of '24: Report
Written by Ethan Bernard
Japan’s Nippon Steel still anticipates closing on its proposed deal to acquire U.S. Steel by the end of 2024, according to media reports.
“We are now in a position to make measured discussions,” Nippon Steel Vice Chairman and EVP Takahiro Mori said during a press conference, according to a report in Kyodo News on Nov. 8.
“Make no mistake, we can close this deal within the year,” he added.
The nearly $15-billion deal to buy the Pittsburgh-based steelmaker was first announced last December.
Mori said the US Committee on Foreign Investment (CFIUS) review was going smoothly, according to the article.
Recall that in September, Nippon refiled its merger application with CFIUS, resetting the 90-day review period.
Finally, Mori noted that the previous Trump administration said it would attract foreign investment and create new jobs.
“This (acquisition) is extremely in line with such a policy,” he said.
A spokesman for Nippon Steel told SMU the company had no further comment beyond the media reports.
