Nerves of Steel: An exploration of Nippon Steel's potential acquisition of US Steel

Since its announcement in December 2023, Nippon Steel Corporation’s (NSC) proposed acquisition of United States Steel Corporation (U.S. Steel) has faced a challenging road towards reaching formal closure. Nippon Steel has proposed a range of high-dollar investments in various U.S. Steel assets, while U.S. Steel has communicated that – should the transaction fail – select facility closures may follow. Regardless of the outcome, there are potential implications for both the United States steelmaking landscape and the broader commodities ecosystem. Read our report to understand: • The current state of the transaction and U.S. Steel assets in play • The scale and details of planned Nippon Steel investments • The potential implications of the deal proceeding/not proceeding