Nippon Steel's Chair Hopes For 'Calmer Discussion' After 2024 Election As $14.9B US Steel Deal Faces Political Resistance
Portfolio Pulse from Benzinga Neuro
Nippon Steel remains committed to its $14.9 billion acquisition of US Steel (NYSE:X) despite political and union challenges. The deal, facing bipartisan opposition and antitrust scrutiny in the US, is expected to close by late 2024. Nippon Steel has assured no job losses or plant shutdowns, with a $1.4 billion capital spending commitment and no layoffs through at least 2026.
May 09, 2024 | 11:57 am
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US Steel's acquisition by Nippon Steel is expected to close by late 2024 despite facing political and union opposition. The company has committed to no job losses and a $1.4 billion capital investment.
The acquisition's commitment to no layoffs and significant capital investment, despite political and regulatory hurdles, suggests a positive outlook for US Steel's future stability and growth. The deal's eventual closure, despite delays, indicates a potential upside for US Steel's stock in the short term, as market uncertainties around the acquisition's outcome begin to clear.
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