Japanese Nippon Steel to acquire US Steel for $14.1B

The historic Pittsburgh-based steel producer United States Steel (USS) is set to be acquired by the Japanese Nippon Steel in an all-cash transaction valued at approximately $14.1 billion.

The move marks the end of independence for one of America’s oldest industrial giants, founded 122 years ago by JP Morgan and Andrew Carnegie.

Including USS’s debt, the deal is worth $14.9 billion. 

The merger will position the combined entity among the world’s top three steel-producing companies, according to the World Steel Association.

Notably, the buying price is nearly double the offer made by rival Cleveland Cliffs just four months ago.

The deal, set to close in the second or third quarter of 2024, represents a strategic move for Nippon to enhance manufacturing capabilities and expand production across the US, Japan, India and the ASEAN region.