Nippon steel completes acquisition of U.S. Steel

TOKYO, June 19 (Xinhua) -- Nippon Steel announced Wednesday that it has officially completed its acquisition of U.S. Steel, making the American steelmaker a wholly owned subsidiary.

Nippon Steel purchased 100 percent of U.S. Steel shares at 55 U.S. dollars per share. As a result, U.S. Steel has been delisted from the New York Stock Exchange and will now operate under Nippon Steel North America.

In addition to the purchase price, Nippon Steel plans to invest approximately 11 billion U.S. dollars in U.S. Steel by 2028.

The transaction, announced in December 2023, has faced prolonged political scrutiny in the United States. The acquisition was completed after all regulatory approvals and payments were concluded.

Through the acquisition, Nippon Steel secures major U.S. manufacturing bases, reducing reliance on exports from Japan and allowing the company to supply high-grade steel locally. Plans also include building new steel facilities in the United States. ■