{"id":26885,"date":"2024-05-06T05:26:59","date_gmt":"2024-05-06T10:26:59","guid":{"rendered":"https:\/\/ustower.net\/?p=26885"},"modified":"2024-05-06T05:27:07","modified_gmt":"2024-05-06T10:27:07","slug":"nippon-steel-postpones-us-steel-acquisition-closing","status":"publish","type":"post","link":"https:\/\/ustower.net\/?p=26885","title":{"rendered":"Nippon Steel postpones US Steel acquisition closing"},"content":{"rendered":"\n

Nippon Steel said Friday it was postponing the expected<\/u><\/a> 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.<\/p>\n\n\n\n

Nippon pushed the closure date back by approximately three months, saying it revised the estimated timeline for the deal\u2019s closing from the second or third quarter of 2024 to the third or fourth quarter.<\/p>\n\n\n\n

The Japanese steelmaker revised the timeline after receiving the second request \u201cand following careful deliberation with respect to the regulatory processes,\u201d it said.<\/p>\n\n\n\n

The delay comes three weeks after U.S. Steel shareholders approved the acquisition<\/u><\/a>, despite opposition from the Biden administration, steelworkers and congressional lawmakers.<\/p>\n\n\n\n

Nippon announced the delay two weeks after President Biden\u2002<\/u><\/a>\u201cpromise[d]\u201d American steelworkers that U.S. Steel would remain American owned and operated, despite the previous week\u2019s shareholder vote.<\/p>\n\n\n\n

\u201cU.S. Steel has been an iconic American company for more than a century. And it should remain a totally American company \u2014 American owned, American operated, by American union steelworkers \u2014 the best in the world. And that\u2019s going to happen. I promise you,\u201d Biden said in remarks<\/u><\/a> at United Steelworkers headquarters in Pittsburgh.<\/p>\n\n\n\n

The deal was announced<\/u><\/a> in December.<\/p>\n\n\n\n

Biden and lawmakers have specifically voiced concerns arguing the deal could threaten American steelworkers.<\/p>\n\n\n\n

Biden came out in staunch opposition to the proposed deal in mid-March, when he said<\/u><\/a> the U.S. needs to \u201cmaintain strong American steel companies powered by American steel workers.\u201d<\/p>\n\n\n\n

Sen. Bob Casey\u2002<\/u><\/a>(D-Pa.) said he agreed with Biden, and that he had \u201clong held concerns that this sale could be a bad deal for our workers,\u201d in a statement released<\/u><\/a> following Biden\u2019s remarks.<\/p>\n\n\n\n

\u201cI share President Biden\u2019s commitment to maintaining an American steel industry,\u201d the statement continued.<\/p>\n\n\n\n

Despite administration and lawmaker concerns, U.S. Steel maintained that the \u201ctransaction truly represents the best path forward for all of U.S. Steel\u2019s stakeholders\u201d and that it will make \u201cU.S. Steel and the domestic steel industry stronger and more competitive,\u201d in a\u2002statement<\/u><\/a> announcing the shareholder vote results last month.<\/p>\n\n\n\n

thehill<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Nippon Steel said Friday it was postponing the expected 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. Nippon pushed the closure date back by approximately three months, saying it revised the estimated timeline for the deal\u2019s closing from the second […]<\/p>\n","protected":false},"author":5,"featured_media":26886,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1155],"tags":[6819,22208,3906,25178,25179,21056],"class_list":["post-26885","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-acquisition","tag-delay","tag-delivery","tag-nippon-steel","tag-steel","tag-usa"],"_links":{"self":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/26885","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26885"}],"version-history":[{"count":1,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/26885\/revisions"}],"predecessor-version":[{"id":26887,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/26885\/revisions\/26887"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/media\/26886"}],"wp:attachment":[{"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26885"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26885"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26885"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}