United States Steel Corporation and Nippon Steel Corporation announced that they have received all regulatory approvals outside of the United States related to the proposed transaction between U.S. Steel and Nippon Steel. These approvals have been received from the directorate-general for competition of the European Commission (pursuant to the EU Merger Regulation and, separately, the Foreign Subsidies Regulation), the Mexican Federal Economic Competition Commission, the Serbian Competition Commission, the Ministry of Economy of Slovakia, the Turkish Competition Authority. In addition, the United Kingdom Competition and Markets Authority confirmed that it had no further questions regarding the proposed transaction in response to the submission of a voluntary briefing paper.
David B. Burritt, president & chief executive officer of U.S. Steel, commented, “We are pleased with the regulatory approvals received, as they are a clear indication that the transaction with Nippon Steel is pro-competitive and supports the strategic merits of foreign investment. Together with Nippon Steel, U.S. Steel will become a world-leading steelmaker with enhanced technologies and resources to support a stronger steel industry with enhanced competition. This deal is the best deal for American steel, the best deal for American jobs and the best deal for America’s ability to create an even stronger alliance with Japan against China.”
U.S. Steel held a special meeting of stockholders on April 12, 2024, with 71 percent of the outstanding shares of U.S. Steel common stock voting in favor of the proposed transaction, resulting in an overwhelming vote of approval of 99 percent of the shares represented at that meeting.
U.S. Steel and Nippon Steel currently expect that the transaction will be completed in the second half of 2024, subject to the fulfillment of the remaining, customary closing conditions, including the receipt of required U.S. regulatory approvals.
