Nippon Steel presses forward with effort to acquire U.S. Steel
Japan-based Nippon Steel is not giving up on its efforts to purchase U.S. Steel; on an earnings call, they signaled that they are doubling down.
Nippon's president said that turning U.S. Steel into a wholly-owned subsidiary is the negotiation starting point, according to reporting from Nikkei Asia.
What would becoming a subsidiary mean for U.S. Steel?
This would mean that U.S. Steel would become part of Nippon Steel.
Along with the idea of making U.S. Steel a wholly-owned subsidiary, they have also discussed various other proposals. President Trump indicated earlier this year that he would allow Nippon to invest in U.S. Steel, but said that he wants the company to remain American-owned.
It has been reported by Nikkei that Nippon's president believes that they are moving closer to a deal, and it would resemble the structure of its original bid to purchase U.S. Steel.
Meanwhile, the company's vice chairman is heading to Washington, D.C. next week to talk about the potential deal with U.S. Steel with the Trump Administration.
After his visit to D.C., he'll head to Pennsylvania to meet with local union leaders.
Braddock's mayor, Cletus Lee, said he's still optimistic that the deal gets done and said he hopes it can get hashed out behind closed doors, and then be presented to the public when the time is right.
This is all happening as the deadline for the merger approaches, with both sides having until mid-June to hammer out a deal.
Former President Joe Biden blocks the acquisition of U.S. Steel
Prior to leaving office, former President Joe Biden blocked Nippon Steel's acquisition of U.S. Steel.
The $15 billion proposal was blocked after a government panel recently failed to reach a consensus on the possible national security risks of the deal.
"It is my solemn responsibility as president to ensure that, now and long into the future, America has a strong domestically owned and operated steel industry that can continue to power our national sources of strength at home and abroad; and it is a fulfillment of that responsibility to block foreign ownership of this vital American company," Biden said at the time in a statement.
Nippon Steel and U.S. Steel condemned the decision and said in a joint statement they would take "all appropriate action" to protect their legal rights. The companies called Mr. Biden's move "unlawful."
Nippon Steel makes offer to purchase U.S. Steel
Late in 2023, U.S. Steel and Nippon Steel announced they had reached a deal worth nearly $15 billion.
"NSC has a proven track record of acquiring, operating, and investing in steel mill facilities globally – and we are confident that, like our strategy, this combination is truly Best for All," said David Burritt, President and CEO of U.S. Steel said in December 2023.
At the time, the deal was unanimously approved by the board of directors of both companies.
Despite initial excitement from both companies, the deal ran into roadblocks and remains in limbo at this time.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
13 minutes ago
- Yahoo
Ether Holds Steady Above $2,500 as ETF Demand Signals Institutional Confidence
Ether ETH has rebounded firmly from key support near $2,460, recovering losses and stabilizing above the $2,500 threshold amid broader market volatility. The rally follows a higher low formation backed by above-average volume, signaling growing market confidence. Institutional participation appears to be reinforcing the trend, with BlackRock's ETHA ETF reporting $492 million in net inflows last week. Total holdings now exceed $4.84 billion, reinforcing long-term bullish sentiment even as price action remains sensitive to geopolitical developments. Traders are watching to see if ETH can challenge resistance in the $2,520–$2,530 range. Technical Analysis Highlights ETH traded within a $72 range over 24 hours, from a low of $2,460.35 to a high of $2,532.41. A key support zone formed at $2,460–$2,470, where ETH bounced on strong volume during midnight hours. Final hour surge reached $2,515.11, backed by 5,919 ETH in volume. Higher low structure established with interim support at $2,485 and resistance at $2,503. Final retracement held support at $2,507, with price consolidating around $2,510 into the close. Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy. Sign in to access your portfolio
Yahoo
13 minutes ago
- Yahoo
Solana 's SOL Rebounds as Buyers Step In Above $147
SOL SOL showed renewed strength Saturday as it rebounded from a low of $147.13 to trade back above $151, despite lingering global macroeconomic headwinds. The recovery comes amid a spike in on-chain activity, with Coin Days Destroyed surging to 3.55 billion—its third-highest level this year—indicating movement of long-dormant tokens. The bounce off $147 confirmed a bullish double bottom pattern, supported by rising volume and a return to a short-term bullish channel on the 6-hour chart. Solana now faces overhead resistance near $152.85, where sellers previously stepped in, but a move above that level could open the door toward the $155–$157 zone. While Solana's network fundamentals remain strong, the broader macro environment continues to inject volatility into crypto markets, with ongoing US-China tariff disputes and rising global bond yields weighing on investor confidence. Technical Analysis Highlights SOL rallied from $147.13 to $152.94, gaining 3.95% intraday. Double bottom formed near $147.50, signaling a potential trend reversal. Resistance is developing at $152.50–$153.00, capping upward momentum. Bullish channel seen on 6-hour chart, with volume rising on green candles. Coin Days Destroyed spiked to 3.55 billion, its third-highest reading in 2025. Price dropped slightly in the last hour from $152.51 to $151.77 (0.48%). Hourly chart shows bearish engulfing pattern; $150.85 is near-term support. Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
Yahoo
14 minutes ago
- Yahoo
US agents, protesters clash again in Los Angeles over immigration raids
Federal agents clashed with angry protestors in the Los Angeles area for a second day Saturday, shooting flash-bang grenades into the crowd and shutting part of a freeway amid raids on undocumented migrants, reports said. The standoff took place in the suburb of Paramount, where demonstrators had gathered near a Home Depot that was being used as a staging area by federal immigration officials, the Fox 11 news outlet reported. They were met by federal agents in riot gear and gas masks, who lobbed flash-bang grenades and tear gas at the crowd, according to news reports and social media posts. The immigration raids are part of US President Donald Trump's ongoing crackdown on undocumented immigrants. The Republican was elected to a second term largely on a promise to crack down hard on the entry and presence of undocumented migrants -- who he likened to "monsters" and "animals." Following the latest clashes in Los Angeles, authorities vowed to prosecute offenders and warned of an escalating security presence. "We are making Los Angeles safer. Mayor (Karen) Bass should be thanking us," Tom Homan, President Trump's point man on border security, said on X. "We are going to bring the National Guard in tonight." FBI Deputy Director Dan Bongino said multiple arrests had been made following Friday's clashes. "You bring chaos, and we'll bring handcuffs. Law and order will prevail," he said on X. On Saturday, amid chants for Immigration and Customs Enforcement (ICE) agents to get out, some protestors waved Mexican flags while others set a US flag on fire, the Los Angeles Times said. Cement blocks and overturned shopping carts served as crude roadblocks. A crowd swarmed a US Marshals Service bus exiting a nearby freeway, with authorities later closing on and off ramps to keep protesters from taking over the highway. The tense standoff came a day after masked and armed immigration agents carried out high-profile workplace raids in separate parts of Los Angeles, attracting angry crowds and setting off hours-long standoffs. "An insurrection against the laws and sovereignty of the United States," White House deputy chief of staff and anti-immigration hardliner Stephen Miller said on X, sharing a video of protesters marching Friday outside Los Angeles's federal detention center. Los Angeles, the second-most populous city in the United States, is one of the most diverse metropolises in the country. The suburb of Paramount, home to about 50,000 people, is 82 percent Hispanic or Latino, according to US Census data. acb/aha
