Status: Upcoming/New

Acquirer: Nippon Steel Corp. (Japan)

Acquired: United States Steel Corp. (U.S.)

Value: $14.1 billion

Industry Tags: Materials, Metals

On December 18, 2023, “Nippon Steel Corporation (NSC) (TSE: 5401), Japan’s largest steelmaker and one of the world’s leading steel manufacturers, and United States Steel Corporation (NYSE: X) (“U. S. Steel”), a leading steel producer with competitive advantages in low-cost iron ore, mini mill steelmaking, and best-in-class finishing capabilities . . . announced that that they have entered into a definitive agreement pursuant to which NSC will acquire U. S. Steel in an all-cash transaction at $55.00 per share, representing an equity value of approximately $14.1 billion plus the assumption of debt, for a total enterprise value of $14.9 billion.” (Press Release, United States Steel Corp., Form 8-K, Ex-99.2, Dec. 18, 2023, SEC Filing.) “The completion of the Merger is subject to the fulfillment or waiver of certain customary mutual closing conditions, including . . . the receipt of approval by the Committee on Foreign Investment in the United States . . . .” (United States Steel Corp., Form 8-K, Dec. 18, 2023, SEC Filing.)

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