Nippon Steel plans an additional investment of $1.3 billion in U.S. Steel's mills to enhance steel production, along with a previously announced $1.4 billion investment.
The investment includes $1 billion for high-grade steel capacity at Mon Valley Works and $0.3 billion to upgrade Gary Works, extending its production life.
Despite clinching the $14.9 billion deal, Nippon Steel faces political and regulatory scrutiny in the U.S., with concerns from the United Steelworkers union regarding job security.
The acquisition is anticipated to finalize in the latter half of 2024, contingent on closing conditions and regulatory approvals.
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