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U.S. Steel says Nippon Steel deal expected to close later this year

Reuters
·1-min read
FILE PHOTO: The logo of Nippon Steel Corporation is displayed at the company headquarters in Tokyo

(Reuters) -U.S. Steel Corp said in a regulatory filing on Friday that the acquisition by Nippon Steel is expected to close later this year.

The filing with exchanges comes at a time when the Japanese firm's $14.9-billion deal to buy the iconic 122-year-old U.S. steelmaker faces heightened scrutiny due to national security concerns.

U.S. President Joe Biden on Thursday expressed explicit opposition to the deal and said U.S. Steel must remain a domestically owned American firm.

Cleveland-Cliffs CEO Lourenco Goncalves said on Thursday he would consider another bid for U.S. Steel likely worth no more than $30 per share if the Nippon Steel deal falls apart.

(Reporting by Pratyush Thakur in Bengaluru; Editing by Shweta Agarwal and Shounak Dasgupta)