From Investing.com: 2024-05-06 10:45:49

The European Union approved U.S. Steel’s $14.9 billion sale to Nippon Steel, despite U.S. political opposition. Biden and Trump have different views on the deal, with Nippon addressing concerns by promising to move its headquarters and honor agreements. The acquisition will help Nippon become the world’s fourth-largest steel maker.

The European Commission supports the deal due to limited market positions of the companies. U.S. Steel’s shares rose by 2%, but have lost a quarter of their value this year. Despite shareholder approval, the deal is facing antitrust scrutiny by the Department of Justice and is expected to close in the second half of 2024.



Read more at Investing.com: EU clears $14.9 billion purchase of U.S. Steel by Japan’s Nippon By Reuters