Graphite electrodes are vital to EAF steelmaking—acting as the "core component" for arc heating. With excellent conductivity and heat resistance, they're key to improving steel quality and output. Master them, master EAF steelmaking!

【Steel News】Nippon Steel Completes Acquisition of U.S. Steel

Tokyo, June 18 (Xinhua) — According to Japanese media reports, Nippon Steel Corporation announced on the 18th that it has completed the acquisition of United States Steel Corporation, making it a wholly owned subsidiary.

The report states that Nippon Steel has completed the acquisition of all shares of U.S. Steel, paying approximately $14.1 billion in total, and has fulfilled all the necessary procedures for the acquisition.

In addition, Nippon Steel has pledged not to change U.S. Steel's company name; not to relocate its headquarters from Pittsburgh; not to break, reduce, or delay promised investments; and not to shut down or suspend any plants. The U.S. government, through obtaining a "golden share," retains veto rights should any of the above commitments be breached.

To complete the acquisition, Nippon Steel and U.S. Steel had previously signed a national security agreement with the U.S. government, committing to invest approximately $11 billion in U.S. Steel by 2028 and granting the U.S. government a "golden share" with veto power over significant corporate decisions.

In December 2023, Nippon Steel announced its plan to acquire U.S. Steel for $14.9 billion. On January 3 this year, then U.S. President Joe Biden issued an executive order formally blocking the acquisition on national security grounds. On January 6, the two companies filed a lawsuit against Biden and the Committee on Foreign Investment in the United States (CFIUS), requesting the court to revoke the blocking order and re-review the deal. On June 14, current U.S. President Donald Trump signed an executive order conditionally allowing Nippon Steel's acquisition of U.S. Steel to proceed.

Feel free to contact us anytime for more information about the EAF Steel market. Our team is dedicated to providing you with in-depth insights and customized assistance based on your needs. Whether you have questions about product specifications, market trends, or pricing, we are here to help.