Nippon Steel, Citing Biden Review, Pushes Back Acquisition Date of US Steel

The nearly $15 billion deal now hinges on the personal approval of President Joe Biden.

Nippon Steel logo at the company's headquarters in Tokyo, Japan, on April 1, 2024. Issei Kato/Reuters

Nippon Steel no longer expects to close its acquisition of U.S. Steel in 2024, the Japanese company said in a Dec. 26 statement.

Nippon Steel said it expects the transaction—originally announced in December 2023—to be completed in the first quarter of 2025. That date was revised from the third or fourth quarter of 2024.