To use this site, please disable the ad blocking feature and reload the page.
This website uses cookies to collect information about your visit for purposes such as showing you personalized ads and content, and analyzing our website traffic. By clicking “Accept all,” you will allow the use of these cookies.
Users accessing this site from EEA countries and UK are unable to view this site without your consent. We apologize for any inconvenience caused.
REUTERS/Yuka Obayashi/File Photo Nippon Steel logos are displayed at the company’s headquarters in Tokyo, Japan March 18, 2019.
Reuters
11:17 JST, May 3, 2024
May 2 (Reuters) – The U.S. Department of Justice is seeking more details and documentary materials as part of an antitrust review of Nippon Steel’s 5401.T proposed $15 billion takeover of U.S. Steel, the American firm said on Thursday.
Commonly known as a “second request,” it signifies additional scrutiny from antitrust regulators who ask for additional information and documentary material as part of their review process for mergers.
The DoJ’s request comes after the Japanese firm’s proposed bid drew sharp criticism in the U.S., including from President Joe Biden, who said the asset should be domestically owned.
However, an overwhelming majority of U.S. Steel shareholders voted in favor of the deal in April.
Despite fears of layoffs, Japan’s largest steelmaker has pledged no job cuts as a result of the merger and has said it will move its own U.S. headquarters to Pittsburgh where U.S. Steel is based.
The acquisition of U.S. Steel will help Nippon, the world’s fourth-largest steel maker, move toward 100 million metric tons of global crude steel capacity.
U.S. Steel now expects that the merger will be completed in the second half of 2024, it said on Thursday, as its prior deadline of second to third quarter of 2024 nears.
