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Bond Market News
Nippon Steel Boosts US Steel Investment Amid Regulatory Review
May 22, 2025
Nippon Steel has reportedly increased its investment commitment to US Steel, pledging up to $14bn if its proposed $14.9bn acquisition is approved by the Trump administration. This enhanced offer includes up to $4bn for a new steel mill and $11bn into US Steel’s infrastructure through 2028. The Committee on Foreign Investment in the US (CFIUS) submitted its recommendation on the deal to President Donald Trump on Wednesday. This updated pledge is significantly higher than earlier commitments, and is aimed at addressing concerns from the US government. This comes after the deal faced opposition from both Presidents Biden and Trump. Joe Biden had previously blocked the takeover in January 2025 on national security grounds following an earlier CFIUS review. Nippon Steel’s revised proposal also includes saving existing steelworker jobs and potentially adding more unionized roles. Despite Trump’s opposition to a Japanese company acquiring US Steel, Nippon Steel is still hoping for an approval. However, the United Steelworkers union has also maintained strong opposition, citing national security and economic concerns. President Trump now has 15 days to decide the outcome of the transaction, although this timeline could extend.
US Steel’s dollar bonds were trading marginally lower with its 6.875% 2029s down at 100.03, yielding 6.8%
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