Timeline of Events Leading to Nippon Steel’s Acquisition of U.S. Steel
| Date | Development |
|---|---|
| Aug. 13, 2023 | U.S. Steel announces plans to explore options after receiving unsolicited bids. |
| Aug. 13, 2023 | U.S. Steel rejects a $7.3-billion offer from Cleveland-Cliffs, initiating a formal review. |
| Aug. 14, 2023 | The United Steelworkers union backs Cleveland-Cliffs’ bid, calling it the best buyer. |
| Aug. 14, 2023 | U.S. Steel shares rise following a $7.8-billion all-cash offer from Esmark. |
| Aug. 16, 2023 | ArcelorMittal considers an offer for U.S. Steel. |
| Aug. 17, 2023 | Senator J.D. Vance requests that U.S. Steel avoid foreign buyers. |
| Aug. 17, 2023 | U.S. Steel clarifies that its labor agreement doesn’t grant the union veto rights over sales. |
| Aug. 22, 2023 | Cleveland-Cliffs demands U.S. Steel disclose all buyout offers. |
| Aug. 23, 2023 | Esmark withdraws its bid after U.S. Steel workers support Cleveland-Cliffs. |
| Aug. 29, 2023 | U.S. Steel begins due diligence with multiple third parties. |
| Sept. 20, 2023 | U.S. Steel and Cleveland-Cliffs dispute a confidentiality agreement. |
| Sept. 21, 2023 | Canada’s Stelco Holdings considers a bid for U.S. Steel. |
| Sept. 28, 2023 | U.S. Steel allows Cleveland-Cliffs to take part in its sales process. |
| Oct. 31, 2023 | Major automakers express concerns over Cleveland-Cliffs’ acquisition plans. |
| Dec. 18, 2023 | Nippon Steel announces a $14.9 billion acquisition plan for U.S. Steel. |
| Dec. 19, 2023 | Three U.S. Republican senators call on Treasury Secretary Janet Yellen to block the deal. |
| Dec. 20, 2023 | Biden advisor Brian Deese urges a close review of Nippon’s deal. |
| Dec. 21, 2023 | The White House states the acquisition requires serious scrutiny due to national security. |
| Dec. 22, 2023 | Japan’s Industry Minister acknowledges strong U.S.-Japanese ties amid scrutiny remarks. |
| Jan. 5, 2024 | Nippon Steel expresses confidence about completing the acquisition despite opposition. |
| Jan. 12, 2024 | President Eiji Hashimoto will become CEO and chairman from April 1. |
| Jan. 24, 2024 | Nippon Steel’s Takahiro Mori meets Congress members regarding the acquisition. |
| Jan. 30, 2024 | Financial groups plan to lend Nippon Steel $16 billion for the acquisition. |
| Feb. 7, 2024 | Nippon Steel indicates plans to finalize the acquisition by September. |
| March 4, 2024 | A Nippon Steel executive plans to meet with the United Steelworkers union. |
| March 13, 2024 | Biden raises concerns over Nippon Steel’s purchase, impacting U.S. Steel stocks. |
| April 10, 2024 | The U.S. DOJ opens an in-depth antitrust investigation into the acquisition. |
| April 12, 2024 | U.S. Steel shareholders approve the acquisition despite rising opposition. |
| April 17, 2024 | Biden emphasizes that U.S. Steel should remain a national asset. |
| May 2, 2024 | DOJ requests more details as part of ongoing antitrust review. |
| May 6, 2024 | European Commission approves the buyout without competitive concerns. |
| May 30, 2024 | Both companies confirm they received all non-U.S. regulatory approvals. |
| July 20, 2024 | Nippon Steel hires Mike Pompeo to assist in acquisition efforts. |
| Aug. 29, 2024 | Nippon Steel plans additional $1.3 billion investments in U.S. Steel’s mills. |
| Sept. 2, 2024 | Senator Kamala Harris advocates for U.S. Steel’s domestic ownership. |
| Sept. 4, 2024 | The White House prepares to block Nippon Steel’s acquisition over national security concerns. |
Sources: Reuters reports, company records.
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