Nippon Steel Extends U.S. Steel Merger Deadline To 2025 Amid Biden's Decision

Benzinga

Nippon Steel announced it has extended the closing date for its $14.9 billion acquisition of U.S. Steel to the first quarter of 2025, as President Joe Biden considers blocking the deal. The merger has faced opposition from the United Steelworkers union and politicians, including President-elect Donald Trump, who pledged to prevent the transaction. Biden has fifteen days to decide after the Committee on Foreign Investment in the U.S. referred the deal to him, with automatic approval if no action is taken. U.S. Steel shareholders approved the deal in April, but the antitrust review by the Department of Justice is ongoing.  Shares of U.S. Steel rose over 1% in pre-market trading.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:02Nippon Steel announced that it has extended the closing date for its $14.9 billion acquisition

00:07of U.S. Steel to the first quarter of 2025, as President Joe Biden considers blocking the deal.

00:13The merger has faced opposition from the United Steelworkers Union and politicians,

00:17including President-elect Donald Trump, who pledged to revet the transaction.

00:21Biden has 15 days to decide after the Committee on Foreign Investment in the U.S.

00:25referred the deal to him, with automatic approval if no action is taken.

00:29U.S. Steel shareholders approved the deal in April, but the antitrust review by the

00:33Department of Justice is ongoing. Shares of U.S. Steel rose over 1% in pre-market trading.

00:38For all things money, visit Benzinga.com slash GSTV.

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