BusinessMay 27, 2025
Japan’s Nippon Steel Has Waited 17 Months for its $15B U.S. Steel Takeover — It Might Finally Happen
Industrial Consolidation
Noah Weidner
Discover
Nippon Steel might very well have the will of… well, whatever it takes to make a deal. Seventeen months after announcing a $15B takeover of United States Steel, the Japanese steel manufacturer might finally secure approval to acquire what was once America’s largest steel producer.
Steel deal: U.S. Steel might not be the most valuable enterprise in the world (as it was for most of the 20th century), but that doesn’t mean it isn’t seen as important by regulators. In January, President Joe Biden blocked the acquisition, citing “national interests.” But a few months and one President later, its Japanese suitors are looking at more favorable odds to score approval to close its deal by playing their Trump Card. In fact, some are saying it might be right around the corner.
While the $14B investment commitment in the US almost dwarfs the acquisition offer itself, it’s not the only sweetener Nippon has brought to the table to ease concerns about foreign involvement.
Nerves of… (don’t worry, we’re not gonna say it): Up 61% year-to-date, is now trading just two dollars off of its proposed buyout price. It remains active as of Tuesday evening, despite nonstop chatter about the deal, which could close with the President’s OK. To that end, we might soon be talking about who will take over the ticker — there are some leading predictions — or we may well be surprised again by the twists and turns in this M&A saga.
