International Steel Mills

Nippon still sees USS deal closing by end of '24: Report

Written by Ethan Bernard

November 11, 2024

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.

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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