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Steel News April 11, 2024 05:00:05 PM

DOJ Initiated In-Depth Investigation of U.S. Steel Takeover Deal

Paul Ploumis
ScrapMonster Author
The deal is already under the review of the Committee on Foreign Investment headed by the Treasury Department.

DOJ Initiated In-Depth Investigation of U.S. Steel Takeover Deal

SEATTLE (Scrap Monster): The U.S. Department of Justice (DOJ) has initiated an in-depth investigation of the proposed $14.1 billion takeover of U.S. Steel by Japanese Nippon Steel. The move is considered part of increased scrutiny of the deal by government authorities, following opposition from lawmakers and labour unions.

RELATED NEWS:

U.S. Steel Union Rejects Nippon Steel's Appeal for Takeover Support

Nippon Steel Pledges to Move U.S. HQ to U.S.Steel's Pittsburgh

The exact timing of opening of the detailed anti-trust investigation is not known. However, sources with knowledge of the matter stated that it has occurred recently. Meantime, spokespersons of both the companies as well as DOJ representative declined to comment on the development.

The investigation is partly focused on the Calvert, Alabama manufacturing plant, jointly owned by Nippon Steel and ArcelorMittal. The DOJ attorneys raised queries on how the joint venture will compete with a combined U.S. Steel and Nippon Steel. It must be noted that the plant happens to be a direct competitor of U.S. Steel with regards to steel supplies to automotive sector.

The deal is already under the review of the Committee on Foreign Investment headed by the Treasury Department.

U.S. Steel had earlier rejected a takeover offer from its rival Cleveland-Cliffs on fears of not able to withstand an antitrust review.

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