Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
Litigation hiatus sought to accelerate agreement completion.
Seeking to achieve mid-June merger completion after review and Trump shift.
Ultimate form and U.S. involvement yet to be defined.
Nippon Steel and U.S. Steel jointly requested an eight-day delay in litigation to seal their planned $14.1 billion merger before the impending mid-June deadline. The new bid follows a re-examination triggered by President Trump after a previous suspension that was to run to June 5, 2025
First announced in December 2023, the merger has encountered significant hurdles: President Biden suspended it in January on grounds of national security, prompting lawsuits from both firms. It next went into a second CFIUS review in April under Trump. While President Trump's public support at a rally was qualified, he seemed supportive of an alternative deal structure, e.g., minority investment or partnership
Market analysts view the suspension of litigation as a good indication that a settlement will be forthcoming. If settled by June 18, the merger will affirm Nippon's intention to acquire U.S. assets with job protection and headquarters remaining in Pittsburgh. That said, open issues regarding governance, terms of investment, and potential U.S. "golden share" provisions are left to be resolved
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