U.S. Steel, Nippon Steel Announced Receipt of All Non-U.S. Regulatory Approvals

SEATTLE (Scrap Monster): Pittsburgh-based United States Steel Corporation (U.S. Steel) and Japanese Nippon Steel Corporation announced that they have received all necessary regulatory approvals outside of the U.S., in connection with the proposed merger between the two companies.

The transaction received approvals from the Directorate-General for Competition of the European Commission, the Foreign Subsidies Regulation), the Mexican Federal Economic Competition Commission, the Serbian Competition Commission, the Ministry of Economy of Slovakia and the Turkish Competition Authority. Also, the U.K Competition and Markets Authority clarified that it had no further questions in response to the submission of a voluntary briefing paper.

A special meeting of company shareholders held in April this year had voted in favour of the proposed transaction.

U.S. Steel and Nippon Steel expects the transaction to close in the second half of the current year, subject to satisfaction of customary closing conditions, including the receipt of necessary U.S. regulatory approvals.

David B. Burritt, President & Chief Executive Officer of U. S. Steel commented that the approvals is a clear indication that the merger transaction is pro-competitive and in support of the strategic merits of foreign investment.