U.S. Steel Widened its Quarterly Loss and Ready to Be Acquired by Japan’s Nippon Steel Corporation

Today’s main corporate news is undoubtedly that the Japan's Nippon Steel Corp. won its bid to acquire the U.S. company in the steel acquisition deal valued at $14.9 billion. Nippon Steel Corporation (NISTF), Japan's largest steelmaker, will definitely go ahead and acquire U.S. Steel (NYSE: On the 15th, $55 was equivalent to approximately $14.1 billion in equity value and debt, equivalent to a total enterprise value of $14.9 billion). Former POTUS Donald Trump applied big efforts to keep both U.S. Steel and Aluminum Corporation of America, ALCOA, afloat and out of the woods, however, time has passed, and the changing reality proved that both core U.S. heavy manufacturing companies are wobbling again.

The deal has been approved by both anti-monopoly committees. The deal is expected to close in the second or third quarter of 2024. U.S. Steel Co.'s Q1 2023 loss widened as it took a $399 million charge on the sale of its Serbian operations. The Pittsburgh manufacturing giant lost $219 million, or $1.52 per share, in Q1 2023. That compares with a loss of $86 million, or 60 cents a share, a year ago.