Logo of Nippon Steel on the exterior of Blast Furnace No. 1 at the company’s Kashima Plant in Kashima, Japan. (Ayaka McGill/AP)
Nippon Steel Corp. plans to invest $14 billion in United States Steel Corp. if the Trump administration approves the merger of the companies, Reuters reported.
Details of the plan include Nippon Steel investing $4 billion in a new steel mill, Reuters said, citing a document and people familiar with the matter.
May 21 is the deadline for the completion of a new national security review of Nippon Steel’s proposed takeover.
The deal was blocked on national security concerns during the final days of Joe Biden’s presidency.
Exclusive: Nippon Steel to invest $14 billion in U.S. Steel including $4 billion for new mill, document says https://t.co/1tH0B2fLOL
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Shares of U.S. Steel were 0.4% higher at $40.49 as of 10:52 a.m. in New York trading.
