Nippon Steel Extends Closing Period for U.S. Steel Acquisition

TOKYO (Reuters) – Japan's Nippon Steel announced on Thursday the extension of the closing period for its $15 billion acquisition of U.S. Steel, asserting confidence that the deal will protect and enhance the American company.

The estimated closing date has been pushed back to the first quarter of 2025, revised from the previously anticipated third or fourth quarter of 2024.

On Monday, a U.S. foreign investment committee referred the decision to approve or reject the deal to U.S. President Joe Biden, who has 15 days to make a determination.

Both Biden and incoming successor Donald Trump have voiced their opposition to the purchase.

Nippon Steel expressed hopes that the President will utilize this time for a fair and fact-based evaluation of the acquisition, stating, "We remain confident that the acquisition will protect and grow U.S. Steel."

Additionally, the review process by the antitrust division of the U.S. Department of Justice is ongoing, although Nippon Steel did not provide a timeline for its conclusion.