“I am totally against the once great and powerful U.S. Steel being bought by a foreign company, in this case Nippon Steel of Japan,” Trump said in a post on Truth Social on Monday.
Japanese Prime Minister Shigeru Ishiba has asked that President Biden approve Nippon Steel’s $14.9-billion proposed offer to buy Pittsburgh-based U.S. Steel, according to a report in Reuters.
Nori, a top Nippon Steel official, met on Tuesday with Pennsylvania's governor, to discuss its proposed acquisition of U.S. Steel.
Nippon Steel says it respects the US Department of Commerce’s findings in administrative reviews despite the agency recently assigning the Japanese steelmaker a higher dumping margin.
Nippon Steel has affirmed that if its $14.9-billion bid for U.S. Steel proves successful, the Japanese steelmaker will not import overseas-produced slabs to the US.
Commerce determined a significant dumping margin for hot-rolled steel imports from Japan's Nippon Steel.
Japan’s Nippon Steel still anticipates closing on its proposed deal to acquire U.S. Steel by the end of 2024.
Former President Donald Trump repeated his disapproval of U.S. Steel’s sale to a foreign owner in a campaign speech on Sunday.
Earlier this month, Nippon Steel announced that it is applying for subsidies under the Japanese government’s Green Transformation Promotion Act to expand the company’s electric furnace steelmaking capabilities and to convert from blast furnace to electric furnace operations. As we have said before, transitioning from blast furnace- to electric furnace-based steelmaking is a good thing […]
ArcelorMittal is set to take full ownership of AM/NS Calvert if Nippon Steel finalizes its pending acquisition of U.S. Steel.
A board of arbitration has ruled in favor of U.S Steel vs. the United Steelworkers (USW) union in a dispute regarding Nippon Steel’s more than $14-billion proposed deal for the Pittsburgh-based steelmaker.
The US government’s decision on whether it will block Nippon Steel’s acquisition of U.S. Steel on national security grounds has been pushed until after the November elections.
The White House decision on blocking Nippon Steel’s play for Pittsburgh-based U.S. Steel might be pushed back until after the upcoming presidential election, according to a report in the Washington Post.
President Joe Biden could block the $15-billion sale of U.S. Steel to Japan's Nippon Steel by citing national security concerns That’s according to reporting in the Washington Post and the Financial Times that was later picked up by the New York Times as well as in wire services.
U.S. Steel could slash thousands of jobs, shift away from integrated steelmaking, and move its headquarters out of Pittsburgh if its acquisition by Nippon Steel isn’t completed, the company’s top executive said. “We want elected leaders and other key decision makers to recognize the benefits of the deal was well as the unavoidable consequences if the deal fails,” company President and CEO David Burritt said in a statement on Wednesday.
Vice President Kamala Harris said she opposed U.S. Steel’s acquisition by Nippon Steel in a speech on Labor Day in Pittsburgh.
Nippon Steel and other Japanese steelmakers are lobbying for the Japanese government to limit imports of Chinese steel, according to a report in Reuters.
On Wednesday, Nippon Steel announced additional investments it plans to make in U.S. Steel facilities as part of its pending purchase of the iconic American flat-rolled steelmaker. The two companies still anticipate the deal’s closing by the end of this year. With an investment of “no less than $1 billion,” Nippon said it would replace […]
Pennsylvania Governor Josh Shapiro has come out against Nippon Steel’s proposed buy of U.S. Steel because it doesn’t have union support, according to media reports.
Japan’s Nippon Steel announced it was withdrawing from a joint venture (JV) with China's Baoshan Iron & Steel (Baosteel) that served the Chinese automotive industry.
Nearly 1,200 people have registered for SMU Steel Summit, which is less than a month away now. That means we’re still on pace to meet or exceed last year’s record attendance despite a tough flat-rolled steel market over the last few months. So, a big thank you to everyone who already plans to go for your continued support. If you haven’t booked travel yet, don’t miss out on one of the greatest shows in steel – register here. (You can also check out the latest agenda here.)
Cleveland-Cliffs Chairman, President and CEO Lourenco Goncalves had some insightful things to say today about the steel market and about a conference we suspect might be Steel Summit.
Cleveland-Cliffs expects its acquisition of Canada’s Stelco to close later this year, which will help the the Cleveland-based steelmaker as a bottom to steel tags nears.
I thought we’d have more clarity this week on Section 232, Mexico, and a potential carve-out for steel melted and poured in Brazil. As of right now, the only official comment I have is from the Office of the United States Trade Representative (USTR).
There are just 40 days left until the 2024 SMU Steel Summit gets underway on Aug. 26 at the Georgia International Convention Center (GICC) in Atlanta. And I’m pleased to announce that it's official now: More than 1,000 people have registered to at attend! Another big development: The desktop version of the networking app for the event has officially launched!
Cleveland-Cliffs has been pursuing M&A opportunities for some time now and thinks it has found a solid partner with aligned interests in Stelco. The companies announced on Monday that Cliffs would acquire the integrated Canadian steelmaker. That same day, Cliffs held a conference call with analysts to discuss the acquisition. Lourenco Goncalves, Cliffs’ chairman, president, […]
There are a lot of rumors swirling around the steel market over the last couple of weeks. Chief among them was that we might see a price hike after Independence Day. Another concerns a key detail in the new Section 232 agreement with Mexico. Namely, steel imported from Brazil into Mexico. Of particular interest is its potential implication for slabs imported from Brazil, rolled in Mexico, and then exported to the US.
Two veteran investment bankers joined SMU's Community Chat on Wednesday, July 10, to talk consolidation and M&A in the metals industry.
Canada’s industry minister Francois-Philippe Champagne has conditionally allowed a Glencore-led consortium to acquire Teck’s Elk Valley Resources (EVR) metallurgical coal business for $6.9 billion. He also raised the bar for foreign companies wanting to buy into the country’s critical mineral resources.
U.S. Steel and Nippon Steel explained their position on USS’ participation in US trade cases should their proposed nearly $15-billion merger deal go through. The companies hope to close the deal by the end of the year.