Nippon Steel Corp., a Tokyo-based company, recently announced the delay of the expected closing of its $14.1 billion takeover of U.S. Steel by three months due to the U.S. Department of Justice's request for more documentation related to the deal. Despite this postponement, the deal, which has already received approval from U.S. Steel's shareholders, is anticipated to move forward as Nippon Steel expressed its commitment to cooperating with the examination by relevant authorities.
The sale of U.S. Steel to Nippon Steel has faced opposition from various quarters, including President Joe Biden's administration citing economic and national security concerns, as well as from former President Donald Trump. The new timeline set by Nippon Steel could result in the deal closing beyond the upcoming election, with the initial deadline of September now being pushed to December, potentially allowing for an earlier closure. Although the acquisition has raised issues surrounding unionized workers, supply chains, and U.S. national security, Nippon Steel has assured it has secured adequate financing for the transaction.