US Steel CEO says company likely to close steel mills if proposed $14B sale to Nippon Steel falls through

Published On Sep 4, 2024, 8:01 AM

The CEO of U.S. Steel, David Burritt, has warned that if the proposed $14 billion acquisition by Nippon Steel does not go through, the company may have to close several steel mills. He emphasized that Nippon Steel's commitment to invest $3 billion in the revitalization of U.S. Steel's facilities is crucial for the company's operations and competitiveness. Vice President Kamala Harris and former President Trump have voiced opposition to the merger, further complicating the deal's prospects. The antitrust review by the Justice Department is also ongoing, causing delays in finalizing the acquisition.

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U.S. Steel might face dire financial consequences if the merger with Nippon Steel fails, likely leading to mill closures and job losses.

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The opposition from U.S. political figures may undermine confidence in U.S. Steel's stability, potentially affecting its stock price.

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