Nippon Steel Formalizes Commitment in U.S. Steel Acquisition Bid

The Japanese steelmaker pledges no layoffs until 2026 and additional investment, facing political opposition in a contentious election year.

Nippon Steel Corp. commits to no layoffs before 2026 and additional $1.4 billion in capital spending in bid to acquire U.S. Steel, despite opposition from President Biden and labor unions.
The acquisition aims to leverage Nippon Steel's advanced technologies and 2,000 steel patents in North America, enhancing U.S. Steel's competitiveness.
Shares of U.S. Steel rise following Nippon Steel's commitment, with the deal seen as a counter to China's dominance in steelmaking.
Political contention surrounds the deal in an election year, with both Biden and Trump opposing the acquisition.
The deal, valued at approximately $15 billion, is under review by the Committee on Foreign Investment in the United States (CFIUS), with a summit between Biden and Japanese Prime Minister Fumio Kishida scheduled for April 10.