Here’s what’s changed, what’s stayed the same 1 year after U.S. Steel’s announcement

PITTSBURGH — Tuesday marks one year since United States Steel Corp. shocked the industry with news that it had received offers for the company and had begun a bidding process for a potential sale.

The Aug. 13, 2023, announcement on an early Sunday afternoon set off a flurry of activity for the Pittsburgh-based manufacturer, as well as a jump in stock price and a secret bidding process that culminated in the Dec. 18 announcement of U.S. Steel’s (NYSE: X) $14.9 billion sale to Nippon Steel Corp., the world’s fourth-largest steel manufacturer. And that led to immediate controversy — including opposition by President Joe Biden, former President Donald Trump and the United Steelworkers — that has yet to be resolved.

Already the expected closing date has been delayed, from the end of the second quarter to the end of 2024, as U.S. Steel and Nippon Steel answer questions from the U.S. Department of Justice looking at antitrust issues. It received a second DOJ request, Nippon Steel disclosed two weeks ago. Also likely ongoing is the investigation by the Committee on Foreign Investment in the United States (CFIUS), which is tasked with determining any potential national security issues with Nippon Steel’s ownership of U.S. Steel. Shareholder and other regulatory approvals have been completed since April.

While there’s been no resolution, the battle lines remain hardened: Biden hasn’t wavered on his promise to United Steelworkers to keep U.S. Steel domestically owned nor has Trump, the GOP’s presidential nominee. United Steelworkers remain publicly opposed, although Nippon Steel told investors earlier this month that it saw reason for optimism. Both Nippon Steel and U.S. Steel reiterated Aug. 1 that they believed the closing date would be by the end of the year.

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