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Bond Market News
Nippon Steel Completes $14.1bn Acquisition of US Steel
June 19, 2025
Nippon Steel has closed its $14.1bn acquisition of United States Steel Corporation, 18 months after the first announcement of their tie-up. Nippon Steel’s $55/share acquisition makes it the world’s second-largest steelmaker. The deal received a green light after the Japanese steelmaker agreed to invest an additional $11bn in the Pittsburgh-based producer. A National Security Agreement was struck with the counterparties, under which US Steel will issue a ‘golden share’ to the US President. This gives him consent rights over major decisions like reducing capital investments, redomiciling outside USA, jobs and production in USA.
US Steel’s 6.65% 2037s are trading higher by 1 point at 104.75, yielding 6.08%. These bonds have trended higher by ~3 points in last 30 days.
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