Nippon Steel Left Hunting Next Step as US Takeover Flounders
- Japanese giant looked to US Steel purchase to expand overseas
- Scuppering of deal may also impact US-Japan relations
Nippon Steel Corp.'s Kimitsu Works steel mill.
Photographer: Soichiro Koriyama/BloombergThis article is for subscribers only.
Nippon Steel Corp.’s $14.1 billion takeover of United States Steel Corp. was on the verge of collapse on Thursday with US President Joe Biden preparing to block the deal, a move that will leave the Japanese giant hunting for alternative growth options and Tokyo officials examining the diplomatic implications for the two allies.
The outgoing American leader is slated to block the takeover as soon as the Committee on Foreign Investment formally recommends it be scuppered, according to people familiar with the matter. Biden’s announcement could come as soon as this week, they said.