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Nippon Steel postpones US Steel acquisition closing

Nippon Steel Said On Friday, the company postponed the closing date for its $14.9 billion acquisition of U.S. Steel after the Department of Justice (DOJ) requested additional information and documents related to the deal.

Japan announced that it has revised the expected completion date of the transaction from the second or third quarter of calendar year 2024 to the third or fourth quarter of calendar year 2024, pushing back the closing date by approximately three months.

The Japanese steelmaker revised its schedule after “careful consideration of the regulatory process” following the second request, the company said.

The delay comes three weeks after U.S. Steel shareholders approved the deal despite opposition from the Biden administration, steelworkers and members of Congress.

Japan announced the postponement two weeks after President Biden’s “promise.”[d]U.S. steelworkers agreed that U.S. Steel will remain American-owned and operated despite a shareholder vote last week.

“U.S. Steel has been an iconic American company for more than a century. We should stay corporate. And it’s going to happen, I promise you.” Said Remarks at United Steelworkers headquarters in Pittsburgh.

The deal was announced in December.

While lawmakers have argued that the deal could threaten national security, U.S. industrial capacity, and the livelihoods of steelworkers, U.S. Steel said, “This will make U.S. Steel and America’s domestic steel industry stronger and more competitive.” statement The results of the shareholder vote were announced last month.

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