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Nippon Steel postpones its acquisition of US Steel until December

Nippon Steel has postponed its acquisition of United States Steel until December, from an initially planned September, due to a U.S. review of the deal, the company said Friday.

The Japanese steelmaker said it and US Steel have each received a request for additional information and documentation from the US Department of Justice in connection with the review of the acquisition.

“Nippon Steel will continue to fully cooperate with the relevant authorities’ investigations and is committed to completing the transaction,” the company said in a statement.

In December, Nippon Steel announced its plans to acquire US Steel in a deal approved in April by the Pittsburgh, Pennsylvania-based steelmaker’s shareholders.

But the transaction drew strong objections from the United Steelworkers union.

US President Joe Biden and his Republican challenger, Donald Trump, have both expressed opposition to the deal as they compete for steelworkers’ votes.

The acquisition is also being closely watched by the Committee on Foreign Investment in the United States, a committee that examines the national security risks of foreign investments in the US.



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