The Strategist
The Strategist

US Steel expects to close the deal with Nippon Steel by the end of 2024



09/20/2024 - 03:02



United States Steel Corp. provided a positive financial forecast for the third quarter and expressed continued confidence in obtaining the required approvals for its acquisition by Japan's Nippon Steel. The press office of US Steel stated that the agreement is anticipated to be finalized by the conclusion of this year.



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In December 2023, Nippon Steel revealed plans to acquire its American competitor for $14.1 billion. Nevertheless, the agreement is not supported by current US President Joe Biden, as well as by both contenders for the upcoming election - Donald Trump and Kamala Harris. The United Steelworkers union holds the same viewpoint.

US Steel anticipates third-quarter adjusted profit to be between 44 cents and 48 cents per share. FactSet analysts predict an average of 36 cents.

US Steel also announced its intention to begin operations at Big River 2 (BR2), a state-of-the-art flat-rolled steel mill in Arkansas, in the last quarter of 2024.

source: cnn.com

 




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