According to a joint statement released by United States Steel (US Steel) and Japan-based Nippon Steel, they have received all necessary regulatory approvals regarding the acquisition of US Steel by the latter outside of the US.
Directorate-General for Competition of the European Commission, the Mexican Federal Economic Competition Commission, the Serbian Competition Commission, the Ministry of Economy of Slovakia, and the Turkish Competition Authority greenlighted the merger between two companies. Additionally, the United Kingdom Competition and Markets Authority stated that they had no further questions regarding the transaction, following the submission of a voluntary briefing paper.
US Steel President and CEO David B. Burritt applauded the development and stated that the merger in question is pro-competitive. “Together with Nippon Steel, US Steel will become a world-leading steelmaker with enhanced technologies and resources to support a stronger steel industry with enhanced competition. This deal is the best deal for American steel, the best deal for American jobs and the best deal for America’s ability to create an even stronger alliance with Japan against China,” Mr. Burritt added.