Nippon Steel plans to sell its JV in Alabama if US Steel acquisition approved

Nippon Steel Corporation recently proposed divesting its share in a US-based steel-making joint venture, contingent on approval for its acquisition of US Steel Corporation. The Japanese company currently holds a 50% stake in a steel processing facility in Calvert, Alabama, partnered with Luxembourg's ArcelorMittal. To facilitate the US Steel takeover, Nippon Steel has offered to sell its portion of the Alabama venture for a symbolic US$1. This move comes in the wake of Nippon Steel's initial US$14.1 billion bid for US Steel in late 2023, which shareholders approved. The offer was later increased to US$14.9 billion amid growing political resistance during a contentious US election year.