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Nippon Steel Corp. (OTC:NPSCY) has pledged to invest $14 billion in United States Steel Corp. (NYSE:X) operations, including up to $4 billion for a new steel mill, as part of efforts to secure the Donald Trump administration’s approval for its $14.9 billion acquisition bid, according to documents.
The Japanese steelmaker plans to allocate $11 billion toward U.S. Steel’s infrastructure through 2028, Reuters reported citing sources, significantly increasing its initial commitment of $1.4 billion.
The enhanced investment package comes ahead of a crucial May 21 deadline for a national security review, after which Trump will have 15 days to decide the deal’s fate.
Former President Joe Biden and Trump have previously opposed the merger, advocating that U.S. Steel remain American-owned – a position particularly resonant in the swing state of Pennsylvania, where the company is headquartered.
Biden blocked the deal in January, citing national security concerns, prompting lawsuits from both companies.
Nippon Steel Corp. and United States Steel Corp. did not immediately respond to Benzinga's request for comment.
Price Action: United States Steel Corp stock closed at $41.62 on Monday, up 3.15%. After hours, it rose to $41.78, up 0.38%. Year to date, the stock is up 27.67%.
Nippon Steel Corp closed at ¥2,870 ($19.78) on Tuesday on the Tokyo Exchange, down 0.19%. Year to date, it is down 9.12%, according to data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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