Nippon Steel (NPSCY, 5401.T) has closed its acquisition of US Steel (X). President Trump approved the deal last week, paving the way for the acquisition to be completed. Morning Brief Anchor Brad Smith reports the details.
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Some breaking news crossing the wire. After 18 months of negotiating, US Steel and Nippon Steel have closed their $14 billion dollar deal. The American and Japanese steel makers announcing the news in a statement today. Nippon Steel and US Steel reached a conditional deal with the Trump administration last week that allowed the companies to close their deal, first announced in December 2023 after the Japanese steel maker agreed to invest an additional $11 billion in the Pittsburgh-based producer. The $55 per share cash deal creates the world's second largest steel maker and turns the combined entity into a formidable competitor with the American steel industry. Nippon Steel also gets an important foothold in the US that helps avoid US President Donald Trump's 50% steel tariffs. The New York Stock Exchange halted trading of US Steel shares earlier today noting that the acquisition was effective.
