Nippon Steel, Japan’s leading steelmaker, announced on Thursday that it has extended the closing date for its planned $15 billion acquisition of U.S. Steel. The new estimated completion date is now set for the first quarter of 2025, revised from the initially projected third or fourth quarter of 2024.
The extension comes as the U.S. foreign investment committee escalated the decision on whether to approve or block the deal to President Joe Biden. Biden has 15 days to make a determination. Both Biden and President-elect Donald Trump have publicly expressed opposition to the acquisition.
In its statement, Nippon Steel urged for a “fair and fact-based evaluation” of the purchase, expressing confidence that the acquisition would “protect and grow U.S. Steel.”
The company also noted that the antitrust review by the U.S. Department of Justice is ongoing, but no timeline for its conclusion has been provided.