Nippon Steel wants to take over US Steel at a price of 14.9 billion dollars

Nippon Steel Corporation wants to strengthen its global presence by acquiring the US steel giant US Steel for USD 14.9 billion. The cash payment of USD 55 per share marks a 40 per cent premium to the last closing price and signals an ambitious growth target.

Subject to the approval of US Steel shareholders and regulatory authorities, the acquisition is expected to be finalised in the second or third quarter of 2024. The move could mark a turnaround for US Steel after the company rejected a $7.25bn offer from Cleveland-Cliffs in the summer.

Source: Nippon Steel