Nippon Steel presses forward with effort to acquire U.S. Steel
Nippon's president said that turning U.S. Steel into a wholly-owned subsidiary is the negotiation starting point, according to reporting from Nikkei Asia.
What would becoming a subsidiary mean for U.S. Steel?
This would mean that U.S. Steel would become part of Nippon Steel.
Along with the idea of making U.S. Steel a wholly-owned subsidiary, they have also discussed various other proposals. President Trump indicated earlier this year that he would allow Nippon to invest in U.S. Steel, but said that he wants the company to remain American-owned.
It has been reported by Nikkei that Nippon's president believes that they are moving closer to a deal, and it would resemble the structure of its original bid to purchase U.S. Steel.
Meanwhile, the company's vice chairman is heading to Washington, D.C. next week to talk about the potential deal with U.S. Steel with the Trump Administration.
After his visit to D.C., he'll head to Pennsylvania to meet with local union leaders.
Braddock's mayor, Cletus Lee, said he's still optimistic that the deal gets done and said he hopes it can get hashed out behind closed doors, and then be presented to the public when the time is right.
This is all happening as the deadline for the merger approaches, with both sides having until mid-June to hammer out a deal.
Former President Joe Biden blocks the acquisition of U.S. Steel
Prior to leaving office, former President Joe Biden blocked Nippon Steel's acquisition of U.S. Steel.
The $15 billion proposal was blocked after a government panel recently failed to reach a consensus on the possible national security risks of the deal.
"It is my solemn responsibility as president to ensure that, now and long into the future, America has a strong domestically owned and operated steel industry that can continue to power our national sources of strength at home and abroad; and it is a fulfillment of that responsibility to block foreign ownership of this vital American company," Biden said at the time in a statement.
Nippon Steel and U.S. Steel condemned the decision and said in a joint statement they would take "all appropriate action" to protect their legal rights. The companies called Mr. Biden's move "unlawful."
Nippon Steel makes offer to purchase U.S. Steel
Late in 2023, U.S. Steel and Nippon Steel announced they had reached a deal worth nearly $15 billion.
"NSC has a proven track record of acquiring, operating, and investing in steel mill facilities globally – and we are confident that, like our strategy, this combination is truly Best for All," said David Burritt, President and CEO of U.S. Steel said in December 2023.
At the time, the deal was unanimously approved by the board of directors of both companies.
Despite initial excitement from both companies, the deal ran into roadblocks and remains in limbo at this time.
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