Nippon Steel Corp. closed its $14.1 billion takeover of United States Steel Corp., bringing to an end an 18-month effort to combine the American and Japanese steelmakers, the companies said in a Wednesday statement.
The $55-a-share cash deal creates the world's second largest steelmaker and turns the combined entity into a formidable competitor within the American steel industry. Nippon Steel also gets an important foothold in the US that helps avoid US President Donald Trump's 50% steel tariffs. The New York Stock Exchange halted trading of US Steel shares earlier Wednesday, noting that the acquisition was effective.
Nippon Steel and US Steel reached a conditional deal with Trump's administration on Friday that allowed the companies to close their deal first announced in December 2023, after the Japanese steelmaker agreed to invest an additional $11 billion in the Pittsburgh-based producer.
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