Streetbeat News

NPSCY

Nippon Steel Corporation

https://www.nipponsteel.com/

Industry

Iron and Steel Mills and Ferroalloy Manufacturing

Open

6.75

Mkt cap

21B

Volume

8.1K

High

6.79

P/E Ratio

6.66

52-wk high

8.67

Low

6.74

Div yield

0.05

52-wk low

6.29

The Biden administration is set to block Nippon Steel's $15 billion acquisition of U.S. Steel due to national security concerns. United Steelworkers President David McCall criticized U.S. Steel CEO David Burritt and suggested a leadership change to gain union support. The deal faces opposition from both political parties, and Nippon Steel has pledged additional investments to win approval.

Portfolio Pulse from Kaustubh Bagalkote

September 06, 2024 | 3:18 am

The Biden administration has flagged Nippon Steel's $14.9 billion acquisition of U.S. Steel as a potential national security risk, which could lead to the deal being blocked. The Committee on Foreign Investment in the United States (CFIUS) expressed concerns about the impact on American steel production and trade remedies. The companies involved argue that blocking the deal could lead to job losses and weakened steel supply.

Portfolio Pulse from Benzinga Neuro

September 05, 2024 | 7:41 am

President Biden is set to block Nippon Steel's $15 billion acquisition of U.S. Steel, citing the importance of keeping U.S. Steel domestically operated. The deal is under investigation by CFIUS, and U.S. Steel's shares fell over 20% on the news.

Portfolio Pulse from Adam Eckert

September 04, 2024 | 6:50 pm

Vice President Kamala Harris has expressed her support for keeping United States Steel Corporation (NYSE:X) American-owned amidst foreign acquisition attempts by Nippon Steel. Harris emphasized the importance of maintaining strong American steel companies. Nippon Steel has pledged a $1.3 billion investment as part of its $14 billion acquisition bid, facing opposition from U.S. unions and politicians.

Portfolio Pulse from Benzinga Neuro

September 03, 2024 | 1:55 am

Nippon Steel plans an additional $1.3 billion investment in U.S. Steel plants to support its $14 billion acquisition bid, facing resistance from U.S. unions and politicians. The investment aims to extend the operational life of the plants, but the deal faces national security concerns.

Portfolio Pulse from Benzinga Neuro

August 29, 2024 | 9:35 am

Equinor ASA (NYSE:EQNR) has extended its 35-year partnership with Nippon Steel Corporation (OTC:NPSCY) and Sumitomo Corporation (OTC:SSUMY) by renewing a long-term contract to supply OCTG for up to 9 years. This contract highlights their commitment to stable supply, product development, and low carbon compliance. Equinor shares are trading higher, up 1.7% at $28.97. Investors can gain exposure via Amplify ETF Trust Amplify Natural Resources Dividend Income ETF (NYSE:NDIV) and SGI Enhanced Global Income ETF (GINX).

Portfolio Pulse from Lekha Gupta

July 03, 2024 | 2:30 pm

Shareholders of U.S. Steel have approved the takeover offer by Nippon Steel, marking a significant move in the steel industry.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 5:16 pm

U.S. Steel (NYSE:X) forecasts Q1 EPS of $0.80-$0.84, below the consensus of $0.89, with adjusted EBITDA around $425 million. The company expects improvements in its Flat-Rolled and Mini Mill segments, while anticipating a decline in the Tubular segment. The merger with Nippon Steel is highlighted as a strategic move towards becoming the 'Best Steelmaker'. Last quarter, U.S. Steel exceeded earnings expectations, and its shares saw a slight increase.

Portfolio Pulse from Lekha Gupta

March 18, 2024 | 4:40 pm

President Joe Biden is expected to express concerns over Nippon Steel Corporation's (OTC:NPSCY) $14.9 billion bid to acquire U.S. Steel Corporation (NYSE:X), potentially affecting the deal's progress and U.S.-Japan relations. The statement, anticipated ahead of Japan's Prime Minister's visit, reflects bipartisan opposition and concerns for union jobs and domestic manufacturing. U.S. Steel's shares dropped 12.10% to $41.15.

Portfolio Pulse from Vandana Singh

March 13, 2024 | 6:02 pm

A Reuters poll indicates nearly half of Japanese companies view a potential Trump presidency as a business risk, primarily due to concerns over protectionist policies. The apprehension stems from Trump's stance on blocking the acquisition of United States Steel Corporation (NYSE:X) by Nippon Steel Corporation (OTC:NPSCY), which could impact future acquisitions and shareholder interests in U.S. Steel.

Portfolio Pulse from Benzinga Neuro

February 22, 2024 | 2:06 am

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