Nippon Steel's Bold Strategic Move: $15 Billion Bid for U.S. Steel

Nippon Steel has extended the closing period for its $15 billion acquisition of U.S. Steel to the first quarter of 2025. The deal's approval is pending President Joe Biden's decision. Despite opposition from Biden and Trump, Nippon Steel remains confident in the acquisition's potential benefits.

Nippon Steel announced on Thursday that it has extended the closing period for its $15 billion acquisition of U.S. Steel to the first quarter of 2025, setting a new timeline for the major deal.

The revision comes as a U.S. foreign investment committee's decision was deferred to President Joe Biden. Biden has 15 days to make a decision on whether to approve or block the acquisition.

Despite opposition from both Biden and Donald Trump, Nippon Steel expressed optimism that an objective review will favor the deal, aiming to bolster and expand U.S. Steel.

(With inputs from agencies.)