Nippon Steel believes the move is needed to clear antitrust concerns and would hasten U.S. authorities’ review of the U.S. Steel deal, a senior company official said
Nippon Steel said on Friday it will sell its entire 50 per cent stake in a joint-venture steel plant it has in Calvert , Alabama, with ArcelorMittal, if the top Japanese steel maker succeeds in a buyout bid for United States Steel.
The Committee on Foreign Investment in the United States has extended its review of the deal until the end of December, or after the presidential election early in November, and Nippon Steel has resubmitted its application to the panel. “We have determined that the share sale is the most assured path to receiving timely regulatory approval for the U.S. Steel acquisition,” said Shigekazu Iwamoto, its managing executive officer.Nippon Steel would book a consolidated loss of about 230 billion yen on its sale of the 50 per cent stake in the Calvert plant to ArcelorMittal for $1, the company said, without elaborating.
United States Calvert Arcelormittal Company Plant Sale Review Calvert Arcelormittal CFIUS
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