{"id":1444527,"date":"2023-12-18T13:10:00","date_gmt":"2023-12-18T18:10:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1444527"},"modified":"2023-12-18T13:10:00","modified_gmt":"2023-12-18T18:10:00","slug":"japans-nippon-steel-to-buy-us-steel-for-14-billion","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/japans-nippon-steel-to-buy-us-steel-for-14-billion\/1444527\/","title":{"rendered":"Japan’s Nippon Steel To Buy US Steel For $14 Billion\u00a0"},"content":{"rendered":"

Japan’s Nippon Steel To Buy US Steel For $14 Billion\u00a0<\/span><\/p>\n

\n

Nippon Steel Corp., Japan’s largest steel production company, announced Monday morning that it will acquire Pittsburgh-based US Steel in an all-cash deal, valued at $55 per share, which equates to more than 2 trillion yen or about $14 billion.\u00a0<\/p>\n

At $55 in cash, the deal is a 40% premium to the closing price of US Steel shares on Friday. Shares of X are up 27% in premarket trading in New York, around $50 a share.\u00a0<\/p>\n

<\/a><\/p>\n

Nippon believes the acquisition of US Steel “will enhance its world-leading manufacturing and technology capabilities and enable it to expand the geographic areas.” The US is currently the world’s fourth top producer of crude steel after China, India, and Japan.\u00a0<\/p>\n

Nippon added that the acquisition will allow it “to capitalize on the growing demand for high-grade steel, automotive and electrical steel, and provide excellent products and services.”\u00a0<\/p>\n

The transaction is expected to close in the second or third quarter of next year and is also subject to approval by US Steel’s shareholders.\u00a0<\/p>\n

Citi is acting as a financial advisor to Nippon. Barclays Capital Inc., Goldman Sachs & Co. LLC, and Evercore are the financial advisors for US Steel.\u00a0<\/p>\n

Nippon’s buyout deal comes just months after US Steel rejected an offer<\/a> from rival Cleveland-Cliffs Inc. for $7.25 billion.\u00a0<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nMon, 12\/18\/2023 – 08:10<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/markets\/japans-nippon-steel-buy-us-steel-14-billion<\/a>\u00a0<\/p>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Japan’s Nippon Steel To Buy US Steel For $14 Billion\u00a0 Nippon Steel Corp., Japan’s largest steel production company, announced Monday morning that it will acquire…<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1444527","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1444527","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1444527"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1444527\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1444527"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1444527"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1444527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}