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Nippon Steel Working to Finalize US Steel Acquisition Deal
November 19, 2024
Nippon Steel in a bid to finalize its $14.9bn US Steel acquisition deal, announced that it will stop importing steel from its international mills to the US. The Japanese company is attempting to navigate opposition from both the United Steelworkers (USW) union and President Joe Biden’s administration. To address union concerns, Nippon Steel has promised investments in US Steel and job security for workers, as well as agreeing to sell a stake in a US steel plant joint venture if the acquisition proceeds. Nippon Steel’s Executive Vice President, Takahiro Mori, reiterated these commitments in a letter to union members, responding to concerns raised by USW President David McCall. Although an arbitration panel ruled in favor of the acquisition in September, the union disagrees with the decision. The US Committee on Foreign Investment has extended its review until the end of December.
US Steel’s bonds were trading stable with its 6.875% 2029s at 100.37, yielding 6.77%.
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