On Thursday, Pittsburgh-based U.S. Steel Corp and Nippon Steel Corporation said they had received all of the non-U.S. regulatory approvals related to the proposed transaction between the two companies.
The approvals came from the Directorate-General for Competition of the European Commission, the Mexican Federal Economic Competition Commission, the Serbian Competition Commission, the Ministry of Economy of Slovakia, the Turkish Competition Authority. In addition, the United Kingdom Competition and Markets Authority said it had no questions regarding the proposed transaction.
“We are pleased with the regulatory approvals received, as they are a clear indication that the transaction with Nippon Steel is pro-competitive and supports the strategic merits of foreign investment,” David B. Burritt, President & Chief Executive Officer of U. S. Steel, said. “Together with Nippon Steel, U. S. Steel will become a world-leading steelmaker with enhanced technologies and resources to support a stronger steel industry with enhanced competition. This deal is the best deal for American steel, the best deal for American jobs and the best deal for America’s ability to create an even stronger alliance with Japan against China.”
Seventy-one percent of U. S. Steel’s stockholders voted on April 12, 2024, in favor of a merger between the two companies. They are expected to complete the transaction in the second half of 2024. The transaction is still subject to the fulfillment of the remaining, customary closing conditions, including getting required U.S. regulatory approvals.