Japan’s Nippon Steel (5401.T) announced on Thursday that it has extended the timeline for its $15 billion acquisition of US Steel, now expecting the deal to close by the first quarter of 2025, a shift from the previous target of the third or fourth quarter of 2024, Reuters reports.
The delay follows recent developments, including a referral of the decision to approve or block the acquisition by the US foreign investment committee to President Joe Biden. The President has 15 days to make a final decision, and both Biden and his incoming successor, Donald Trump, have publicly expressed opposition to the acquisition.
Nippon Steel remains optimistic that the acquisition will ultimately be approved and continues to believe it will support and strengthen US Steel’s position.
“Nippon Steel hopes that the President will use this time to conduct a fair and fact-based evaluation of the acquisition. We remain confident that the acquisition will protect and grow US Steel,” the company stated.
The deal is also under review by the US Department of Justice’s antitrust division, though the timeline for its conclusion has not been specified.
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