Nippon Steel believes it will be able to complete the $14.9 billion acquisition of United States Steel Corp. by the end of the year now that the presidential election is over.
“I think we finally have an environment where we can discuss the matter calmly and properly,” Nippon Steel Vice Chairman Takahiro Mori said in remarks Thursday in comments published by Japanese media. “I believe we can definitely close this deal by the end of the year.”
Nippon Steel’s $55 a share in cash bid for U.S. Steel (NYSE: X) was announced Dec. 18 but immediately became a political firestorm, with opposition from a bipartisan group of legislators as well as the Pittsburgh-based United Steelworkers union that represents about 10,000 U.S. Steel employees. The controversy led President Joe Biden, VP Kamala Harris, and President-Elect Donald Trump to all say at various times that they opposed the deal and would block it.
But with Biden leaving office and Harris defeated, Wall Street has become more bullish on the deal’s prospects. U.S. Steel shares rose about 10% in trading on Wednesday amid other steel producers’ gains on the stock market.
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