Nippon Steel Corp. had high hopes for the $14.1 billion takeover of United States Steel Corp. But with the deal now likely to unravel, the biggest Japanese steelmaker will be forced to consider next steps for rapid growth.
The bid for the once-fabled American company ran into a maelstrom of political opposition in the US in the run-up to the presidential election. President Joe Biden is planning to formally block the acquisition before the end of the month, Bloomberg reported this week.
India’s government has set a target of almost doubling annual crude steel output capacity to 300 million tons by 2030 to meet surging demand. Nippon Steel already has a joint venture there, Arcelormittal Nippon Steel India Ltd., and has plans to expand capacity at a plant in western India. The Japanese company is likely to keep up with its presence in the US, where it has been since the 1980s. And could even look at ways to grow its existing business there. Nippon Steel operates integrated mills and has another joint venture with ArcelorMittal that runs a steel processing plant in Alabama.
The US deal traces its beginning to last December, when Nippon Steel swooped in to buy the American firm for $55 a share in cash—significantly higher than a recently rejected offer from domestic rival Cleveland-Cliffs Inc.
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