Nippon Steel to buy US Steel for $14.9 billion

Tokyo, December 18 Japan’s Nippon Steel on Monday said it would buy US Steel in a deal valued at $14.9 billion including debt, months after the steelmaker put itself up for sale. The per-share offer of $55 represents a premium...

Tribune Web Desk

Updated At : 01:17 PM Dec 19, 2023 IST

Tokyo, December 18

Japan’s Nippon Steel on Monday said it would buy US Steel in a deal valued at $14.9 billion including debt, months after the steelmaker put itself up for sale.

The per-share offer of $55 represents a premium of about 40% to US Steel’s Friday’s close and 142% compared to the stock’s closing price before the company announced a strategic review process on August 11, 2023.

US Steel’s shares rose about 27% in pre-market trading.

Nippon, the world’s No. 4 steelmaker, sees the US as a growth market that can help to offset declining demand in Japan, the Nikkei daily, which earlier reported the deal, said.

Nippon has secured financing commitments for the deal and expects it will enable the company to move toward 100 million tonnes of global crude steel capacity. — Reuters

Tags :

Japan

The Tribune, now published from Chandigarh, started publication on February 2, 1881, in Lahore (now in Pakistan). It was started by Sardar Dyal Singh Majithia, a public-spirited philanthropist, and is run by a trust comprising five eminent persons as trustees.

The Tribune, the largest selling English daily in North India, publishes news and views without any bias or prejudice of any kind. Restraint and moderation, rather than agitational language and partisanship, are the hallmarks of the newspaper. It is an independent newspaper in the real sense of the term.

The Tribune has two sister publications, Punjabi Tribune (in Punjabi) and Dainik Tribune (in Hindi).

Remembering Sardar Dyal Singh Majithia

Designed and developed by : SORTD

Suggested Articles