Tel : 0086-0371-86172891
Tel : 0086-0371-86172891
It is reported that on May 6th, the European Commission approved Nippon Steel's proposed acquisition of American Steel Company for $14.9 billion, and concluded that "given the limited market position resulting from the proposed transaction between the two companies, it will not cause competition issues.".
However, the transaction still faces political opposition in the United States and needs to address multiple obstacles from lawmakers and the American Steel Union. Nippon Steel S09CK steel is attempting to address these concerns by proposing to relocate its US S09CK steel headquarters to Pittsburgh, the location of American Steel Company, and promising to comply with all agreements reached between American Steel Company and the United Steelworkers.
American Steel Company stated that as part of the antitrust review, the US Department of Justice has sought more details on the proposed merger, which has prompted Nippon Steel to postpone the expected completion date of the transaction to later this year. Nippon Steel announced on the 3rd of this month that the completion of its acquisition of American Steel Company will be delayed by three months, from April September 2024 to July December 2024. Despite growing opposition, the vast majority of shareholders of American steel S09CK steel companies still voted in support of the deal in April.
