Market Chatter: Nippon Steel Seeks to Finalize $15 Billion US Steel Deal by Year-End

MT Newswires Live11-08

Nippon Steel continues to anticipate closing its $15 billion acquisition of United States Steel (X) by year-end, aiming to sidestep any potential opposition once President-elect Donald Trump returns to the White House in January, Reuters reported Thursday, citing Nippon Steel's Vice Chairman Takahiro Mori.

The transaction, which Nippon Steel considers essential to its growth, has faced opposition from a key labor union, Trump, and President Joe Biden, with Trump previously pledging to block the deal if re-elected, Reuters said.

Mori said reviews by the Committee on Foreign Investment in the US and antitrust authorities were progressing "solemnly," the report said.

To secure approval, Nippon Steel has pledged investments, social commitments, and a divestment in a U.S. plant, Reuters said.

Nippon Steel and US Steel didn't immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 42.78, Change: +0.47, Percent Change: +1.11

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