Nippon Steel

Steel flat product plants are undergoing a massive margin squeeze; the results speak for themselves

Trump presidency will also spark business reorganisations, which would swell the number of acquisition targets for Japanese firms, Citi Japan Vice Chairman Masuo Fukuda said

President-elect Donald Trump is underscoring his intention to block the purchase of US Steel by Japanese steelmaker Nippon Steel Corp, and he's pledging to use tax incentives and tariffs to strengthen the iconic American steelmaker. Trump had vowed early in the presidential campaign that he would instantaneously block the deal, and he reiterated that sentiment in a post on his Truth Social platform on Monday night. I am totally against the once great and powerful US Steel being bought by a foreign company and will use tax incentives and tariffs to make US Steel Strong and Great Again, and it will happen FAST! he wrote. As President," he continued, "I will block this deal from happening. Buyer Beware!!! President Joe Biden, like Trump, also opposes Nippon Steel's purchase of Pittsburgh-based US Steel. Biden's White House in September said that it had yet to see a report from the secretive Committee on Foreign Investment in the United States, which was reviewing the transaction for .

Japanese PM Shigeru Ishiba wrote to Biden, who has referred the deal to a government panel that reviews foreign investments for national security risks, asking him to approve the transaction

The Commerce Department imposed a dumping margin of 29 per cent on Nippon Steel for selling hot-rolled steel in the US

The president-elect remains mum on the deal just as a top Nippon Steel executive readies a trip to Pittsburgh to persuade rank-and-file union members and politicians

ArcelorMittal, which also has a presence in India, on Thursday posted a 69 per cent fall in net income to USD 287 million during the third quarter, mainly on account of a decline in steel shipments. Luxembourg-based ArcelorMittal follows the January-December calendar as the financial year. In July-September 2023, it clocked USD 929 million "net income attributable to equity holders of the parent", the company said in a statement. The company recorded a net income of USD 504 million in the second quarter of 2024, the statement said. Globally, the medium- to long-term outlook for steel is positive, and ArcelorMittal will continue to harness its unique geographic presence and strong research and development capability to meet stakeholders' need, its Chief Executive Officer Aditya Mittal said. Demand is expected to be stronger in the second half of this year compared with 2023, and inventory levels are low, indicating that re-stocking will occur when real demand recovers. The increase

The U.S. government has yet to approve Nippon Steel's $14.9 billion bid for U.S. Steel, a politically sensitive deal due to opposition from the U.S. firm's labour union

authorities' review of the U.S. Steel deal, a senior company official said

Nippon Steel had paid a hefty premium to clinch the deal for US Steel on a bet that it could benefit from US President Joe Biden's infrastructure spending bil

The companies plan to close the deal by the end of December, pending regulatory approvals

The Japanese company's debt-to-equity ratio is expected to increase to 0.9 from 0.5 as a result of the US Steel deal which both companies target to close by the end of December

AM/NS India mentioned that it is already in advanced discussions to supply Magnelis to key players in India's renewable energy and infrastructure sectors

US Steel closed up 7 per cent in New York on Wednesday after recording the biggest intraday increase since Dec 18 earlier

Some advisers said that the Nippon Steel deal was complicated by the US presidential election, with many Republican and Democratic lawmakers voicing opposition to it

US Steel had earlier warned that a failure to conclude a deal with Japan-based Nippon would put thousands of US union jobs at risk

On December 18, the companies announced that Nippon Steel had agreed to acquire US Steel for $14.9 billion, a 40 per cent premium to US Steel's share price at the time

He did not elaborate on how he would accomplish that goal beyond advocating broad measures

Nippon Steel has been looking to end cooperation with Baoshan, a subsidiary of state-owned China Baowu Steel Group, the world's largest steelmaker for about two years

These firms are either tying up with Indian entities of their foreign suppliers, or urging foreign suppliers to set shop in India