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Nippon Steel says expects to close US Steel takeover in 2024

Trump has said to block the deal, which is worth $14.9 billion including debts.

Published

12 months ago

November 8, 2024

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Japan’s Nippon Steel said it still expects to close its takeover of US Steel this year, despite opposition from both President Joe Biden and president-elect Donald Trump. Ahead of the US election, Trump vowed to block the deal, which is worth $14.9 billion including debts. His vice-president elect J.D. Vance also led congressional opposition to the takeover, describing domestic steel production as a national security priority. United States Steel is based in Pittsburgh in the swing state of Pennsylvania, which Biden won in 2020 but Trump took back this week as he stormed to election victory. A Nippon Steel earnings presentation on Thursday maintained that “the transaction is expected to close in… calendar year 2024” pending a US national security review.
“Unless the situation changes dramatically, I believe the conclusion will come by the end of the year,” during Biden’s time in office, vice chairman Takahiro Mori told reporters. Trump will be inaugurated on January 20. “Now that the election is over, I think we have the right environment to discuss the core of this issue in a calm manner,” he added.”I am sure we can close the deal by the year-end,” Mori said.
The deal is being reviewed by a body headed by Treasury Secretary Janet Yellen that audits foreign takeovers of US firms, called the Committee on Foreign Investment in the United States (CFIUS). In September, Biden’s administration extended this review, pushing a conclusion on the politically sensitive deal until after the election.
Major Japanese and American business groups have urged Yellen not to succumb to political pressure when reviewing Nippon Steel’s proposed acquisition. After the deal was announced in December 2023, Biden said it was “vital” for US Steel “to remain an American steel company that is domestically owned and operated”.
“It is important that we maintain strong American steel companies powered by American steelworkers. I told our steelworkers I have their backs, and I meant it,” he said in March. US Steel has argued that the Nippon deal is needed to ensure sufficient investment in its Mon Valley plants in Pennsylvania, the earliest of which dates to 1875.
It warned before the election that if the sale is blocked, it could shutter facilities in the state. In a win for the proposed transcontinental merger, arbitrators ruled in September that Nippon Steel had proven it could assume US Steel’s labour contract obligations. The decision was greeted by US Steel and condemned by the steelworkers union, which has fought the deal.

Related Topics:Japan Nippon Steel Steel US Election

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L&T wins Hindalco, Tata Steel projects in Odisha, Jamshedpur

L&T bags major aluminium and steel sector orders

Published

5 days ago

October 28, 2025

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Infrastructure major Larsen & Toubro (L&T) announced on Friday that it has secured significant orders from Hindalco Industries and Tata Steel, strengthening its presence in the metals and minerals sector.

The company’s minerals and metals business vertical won an order from Hindalco to set up a 180 KTPA aluminium smelter and gas treatment centre for a greenfield project in Odisha, as well as a separate order from Tata Steel to construct a coke oven battery at Jamshedpur.

These are among several recent orders bagged by the vertical in India, L&T said in a filing to the Bombay Stock Exchange (BSE).

The scope of the projects includes engineering, manufacturing, supply, construction, and plant installation.

T Kumaresan, Senior Vice President and Head of Minerals & Metals at L&T, said,

“These order wins across the aluminium and steel sectors are a testament to L&T’s engineering excellence, execution capability, and long-standing customer relationships. They further strengthen our role in shaping the nation’s industrial infrastructure, while deepening our engagement with the steel sector through world-class execution and technological excellence.”

The contracts underscore L&T’s strategic focus on expanding its footprint in India’s metals and industrial infrastructure segment, which continues to see strong growth driven by rising domestic demand and capacity expansion across core sectors.

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Shyam Metalics Unveils Rs 100 billion Capex Plan Under Vision 2031

Company targets Rs 400 billion topline by 2031 with 2.5x revenue growth

Published

1 week ago

October 23, 2025

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Shyam Metalics and Energy Limited (SMEL) has announced its Vision 2031, outlining a Rs 100 billion capital expenditure plan to expand capacity and achieve a topline of Rs 400 billion by 2031—a 2.5x revenue growth from current levels.

The company plans to enhance its integrated operations by focusing on high value-added and downstream products, including specialty steel, stainless steel, flat products, and aluminium. It also aims to strengthen its presence across key sectors such as defence, railways, engineering, and infrastructure.

SMEL will leverage brownfield expansions in West Bengal, Odisha, and Madhya Pradesh to optimise capital efficiency and minimise execution risk. The Vision 2031 roadmap underscores the company’s commitment to sustainable, value-driven, and capital-efficient growth across the metals sector.

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Tata Steel, Air Water India Ink 20-Year Deal for Jamshedpur ASU

Partnership to operate 1,800-tonne daily oxygen unit enhances steel efficiency

Published

1 week ago

October 23, 2025

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Tata Steel has signed a 20-year agreement with Air Water India Private Limited (AWIPL) to operate and maintain its advanced Air Separation Unit (ASU) in Jamshedpur. The partnership aims to boost Tata Steel’s industrial gas infrastructure and improve efficiency through the use of cutting-edge cryogenic technologies.

The agreement was signed between Peeyush Gupta, Vice President (TQM, GSP & SC), Tata Steel, and Kausik Mukhopadhyay, Managing Director, AWIPL. Under the contract, AWIPL will manage operations of the ASU, which can produce 1,800 tonnes of oxygen per day, along with nitrogen, argon, and dry compressed air. These gases are critical to Tata Steel’s blast furnaces and steel melting operations.

The ASU is currently in the stabilisation phase and will be officially handed over to AWIPL next month. The collaboration leverages AWIPL’s global expertise in cryogenic operations, particularly from its facilities in Japan, ensuring world-class maintenance and reliability.

The initiative underscores Tata Steel’s focus on integrating sustainable and efficient technologies across its facilities, aligning with its long-term commitment to responsible steelmaking and operational excellence.