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Nippon Steel (OTCPK:NISTF) and US Steel (NYSE:X) made the required HSR filings late last month and filed with the Committee on Foreign Investment in the US this week, according to a report from Dealreporter on Friday, which cited people familiar with the matter.
US Steel (X) and Nippon Steel (OTCPK:NISTF) had committed to filing for HSR for the more than $14 billion deal by Jan. 30. The deal also needs approvals from the European Union, Mexico, Slovakia, Turkey, the UK, Canada, and Serbia.
The report comes as some investors express concern about potential delays in approval due to the national security review of the deal as well as strong opposition from the United Steel Workers union and some politicians. Nippon and US Steel (X) have stated that the deal can close in Q2 or Q3.
Last month, there were reports that the Biden administration was preparing to probe the US Steel (X) sale. A CFIUS review is unlikely to be completed until late this year or may extend into the following year. US Steel (X) fell 2.4% on Wednesday after former President Donald Trump said he would block the company’s sale to Nippon Steel (OTCPK:NISTF) if he were president. “I would block it instantaneously. Absolutely,” Trump told reporters, according to Bloomberg.
