United States Steel Corp. (X) and Nippon Steel Corp. announced on Thursday that they have completed all required regulatory approvals outside of the United States for their proposed transaction.
These approvals have been secured from the Directorate-General for Competition of the European Commission, under both the EU Merger Regulation and the Foreign Subsidies Regulation. Additionally, they have received the go-ahead from the Mexican Federal Economic Competition Commission, the Serbian Competition Commission, the Ministry of Economy of Slovakia, and the Turkish Competition Authority.
Furthermore, the United Kingdom's Competition and Markets Authority has confirmed that it has no further inquiries regarding the transaction, following the submission of a voluntary briefing paper.
On April 12, 2024, U.S. Steel conducted a Special Meeting of Stockholders, where 71% of the outstanding shares of U.S. Steel common stock voted in favor of the proposed transaction. An overwhelming 99% of the shares represented at the meeting were in approval.
U.S. Steel and Nippon Steel anticipate that the transaction will be finalized in the second half of 2024, pending the fulfillment of remaining customary closing conditions, including obtaining the necessary U.S. regulatory approvals.
