GRANITE CITY — U.S. Steel and Nippon Steel Corporation said Thursday that the companies’ proposed transaction has cleared all overseas regulatory hurdles.
The companies said Nippon’s proposed $14.1 billion acquisition of U.S. Steel received the go-ahead from antitrust authorities in Europe, Mexico, Serbia, Slovakia, Turkey and the United Kingdom.
The companies are still waiting on U.S. approval, which could take months longer. The acquisition is reportedly under review by the federal panel that reviews foreign transactions: The Committee on Foreign Investment in the United States, or CFIUS.
Bloomberg reported in January, citing anonymous sources, that the CFIUS review could stretch late into the year, and possibly into 2025.
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U.S. Steel had previously said it expected the deal to close in the second or third quarter of the year. The companies now say they expect to close in the second half of 2024.
The United Steelworkers union remained staunchly opposed to the deal, and instead thrown its weight behind an offer from the Ohio-based steelmaker Cleveland-Cliffs. U.S. Steel rejected that proposal, and said Cleveland-Cliffs pushed to reach a deal without allowing enough due diligence.