In a regulatory filing on Friday, U.S. Steel Corp. hinted at the delayed closure of its acquisition by Nippon Steel, signaling mounting hurdles for the $14.9 billion deal. The 122-year-old American steelmaker’s acquisition has hit a snag with heightened national security concerns, prompting U.S. President Joe Biden to step in with explicit opposition, emphasizing the need for U.S. Steel to remain under American ownership.
The scrutiny surrounding the deal has intensified, with Cleveland-Cliffs CEO Lourenco Goncalves openly mulling over a potential bid for U.S. Steel, should the Nippon Steel deal fall through. Goncalves indicated that a fresh bid could be in the range of $30 per share, adding a twist to the already gripping saga.
The acquisition saga reflects broader tensions around national security and domestic ownership, underscoring the complexities of cross-border deals in critical industries. As the drama unfolds, the fate of U.S. Steel hangs in the balance, awaiting a resolution to the standoff.
(Source: Politico | Reuters | Japan Times)
