Page 2 - Nippon Steel

US extends deadline on Nippon's bid for US Steel, keeping deal hopes alive

The bid by Japan's Nippon Steel to buy US Steel may have a new lease on life after the Biden Administration extended a deadline for the Japanese steelmaker to abandon plans to acquire the storied Pittsburgh company after President Joe Biden blocked the deal. The new deadline, now in mid-June, was viewed by US Steel and investors as an opportunity for the companies to complete the acquisition, even though President-elect Donald Trump, who takes office in a week, also opposes the deal. Biden nixed the acquisition this month citing a potential threat to national security, though the US Committee on Foreign Investment in the United States, known as CFIUS, failed to reach a consensus on the security issue. We are pleased that CFIUS has granted an extension to June 18, 2025 of the requirement in President Biden's Executive Order that the parties permanently abandon the transaction," US Steel said in a statement Sunday. "We look forward to completing the transaction, which secures the be

China exports push Nippon to seek growth in US, India after blocked deal

Japan's top steelmaker, battling declining domestic demand, made the $14.9 billion bid for the US producer in an attempt to grow its footprint in a stronger market

Blinken on Japan visit as Nippon Steel decision weighs on relations

Ahead of his trip, the State Department said that Blinken wanted to build on the momentum of US-Japan-South Korea trilateral cooperation

Citing national security, US govt blocks Nippon Steel's bid to buy US Steel

The proposed tie-up has faced high-level opposition within the United States since it was announced a year ago, with both Biden and his incoming successor Donald Trump taking aim

US Steel takeover plan has support in steelmaking areas: Nippon Steel Prez

On Monday, a US foreign investment committee referred the decision whether to approve or block the $15 billion deal to US President Joe Biden, who has 15 days to decide

Nippon Steel's US Steel bid referred to President Biden for final decision

The Committee on Foreign Investment in the United States (CFIUS), which reviews foreign investments in the US for national security risks

US foreign investment panel split on Nippon-US Steel deal, say reports

CFIUS, a powerful committee charged with reviewing foreign investments in US firms for national security risks, has until Dec. 22 to make a decision on whether to approve, block or extend the timeline

Review of Nippon partnership ongoing as US Steel shares tumble, says US

statement comes after shares of US Steel tumbled more than 10 per cent on Tuesday afternoon following a Bloomberg report suggesting the deal would be killed in short order

Wet blanket on further investment if imports not curbed: AM/NS India CEO

Steel flat product plants are undergoing a massive margin squeeze; the results speak for themselves

Trump's easing of regulations to trigger Japan outbound M&A: Citi executive

Trump presidency will also spark business reorganisations, which would swell the number of acquisition targets for Japanese firms, Citi Japan Vice Chairman Masuo Fukuda said

Trump pledges to block purchase of US steel by Japanese steel making firm

President-elect Donald Trump is underscoring his intention to block the purchase of US Steel by Japanese steelmaker Nippon Steel Corp, and he's pledging to use tax incentives and tariffs to strengthen the iconic American steelmaker. Trump had vowed early in the presidential campaign that he would instantaneously block the deal, and he reiterated that sentiment in a post on his Truth Social platform on Monday night. I am totally against the once great and powerful US Steel being bought by a foreign company and will use tax incentives and tariffs to make US Steel Strong and Great Again, and it will happen FAST! he wrote. As President," he continued, "I will block this deal from happening. Buyer Beware!!! President Joe Biden, like Trump, also opposes Nippon Steel's purchase of Pittsburgh-based US Steel. Biden's White House in September said that it had yet to see a report from the secretive Committee on Foreign Investment in the United States, which was reviewing the transaction for .

Donald Trump reiterates opposition to Nippon Steel's takeover of US Steel

Japanese PM Shigeru Ishiba wrote to Biden, who has referred the deal to a government panel that reviews foreign investments for national security risks, asking him to approve the transaction

US Commerce Dept raises import tariff for Nippon Steel after review

The Commerce Department imposed a dumping margin of 29 per cent on Nippon Steel for selling hot-rolled steel in the US

Trump promised to kill US steel deal to Nippon Steel; what will happen now?

The president-elect remains mum on the deal just as a top Nippon Steel executive readies a trip to Pittsburgh to persuade rank-and-file union members and politicians

ArcelorMittal net income falls 69% to $287 mn in September quarter

ArcelorMittal, which also has a presence in India, on Thursday posted a 69 per cent fall in net income to USD 287 million during the third quarter, mainly on account of a decline in steel shipments. Luxembourg-based ArcelorMittal follows the January-December calendar as the financial year. In July-September 2023, it clocked USD 929 million "net income attributable to equity holders of the parent", the company said in a statement. The company recorded a net income of USD 504 million in the second quarter of 2024, the statement said. Globally, the medium- to long-term outlook for steel is positive, and ArcelorMittal will continue to harness its unique geographic presence and strong research and development capability to meet stakeholders' need, its Chief Executive Officer Aditya Mittal said. Demand is expected to be stronger in the second half of this year compared with 2023, and inventory levels are low, indicating that re-stocking will occur when real demand recovers. The increase

What Trump's 2024 presidential election win means for Asian companies

The U.S. government has yet to approve Nippon Steel's $14.9 billion bid for U.S. Steel, a politically sensitive deal due to opposition from the U.S. firm's labour union

Nippon Steel to sell Calvert JV to ArcelorMittal if US Steel deal completed

authorities' review of the U.S. Steel deal, a senior company official said

US Steel says arbitration board in favor of Nippon Steel's $14.9 bn buyout

Nippon Steel had paid a hefty premium to clinch the deal for US Steel on a bet that it could benefit from US President Joe Biden's infrastructure spending bil

Nippon Steel's Mori asks United Steelworkers leadership to come to table

The companies plan to close the deal by the end of December, pending regulatory approvals

Nippon Steel to sell $211 mn in assets to manage debt amid US Steel deal

The Japanese company's debt-to-equity ratio is expected to increase to 0.9 from 0.5 as a result of the US Steel deal which both companies target to close by the end of December