Steel Mills

Biden extends deadline for unwinding Nippon/USS deal to June
Written by Ethan Bernard
January 12, 2025
The Biden administration has pushed back until June the date for which Nippon Steel must unwind its $14.9-billion dollar deal for Pittsburgh-based U.S. Steel, the company said on Saturday.
Nippon and U.S. Steel initially had only 30 days, or until early February, to unwind the deal. Thanks to an extension from the Committee on Foreign Investment in the US (CFIUS), that deadline is now June 18.
U.S. Steel said it was pleased with the move. “We look forward to completing the transaction, which secures the best future for the American steel industry and all our stakeholders.”
Recall that the CFIUS review process arrived at a split decision on whether the deal threatened national security. President Biden then became the final arbiter, and subsequently blocked the deal.
Nippon and USS responded with one lawsuit against the US government and another against Cleveland-Cliffs Chairman, President, and CEO Lourenco Goncalves and USW International President David McCall.
Respondents to a recent survey from SMU were broadly in favor of the deal – with 64% against blocking the deal and only 17% in favor of doing so. Nineteen percent said the outcome wouldn’t impact their business.

Ethan Bernard
Read more from Ethan BernardLatest in Steel Mills

Nippon could up investment in USS facilities to $7B: Report
It's the latest twist as the proxy battle heats up for Pittsburgh-based U.S. Steel.

Hybar expansion still on the table as Arkansas mill startup nears
As Hybar nears the completion of its $700-million rebar mill in Arkansas, the company said it is still “actively considering” building other steel facilities in the southern US.

Global steel production edges lower in February
February’s global raw steel output is tied with last December's for the fourth-lowest monthly production rate recorded over the past two years.

Fate of U.S. Steel hangs in the balance
The future of U.S. Steel remains unclear, but the proxy fight for control of the company is heating up. Shareholders will cast their votes on the company's future at the annual meeting in May.

Cliffs to idle Dearborn blast furnace, restart Cleveland furnace by July
Cleveland-Cliffs has decided to idle the steelmaking operations at its Dearborn Works in Michigan due to weak automotive demand.