Nippon Steel Plans to Sell Alabama JV Stake to ArcelorMittal

The sale is contingent on the approval of Nippon Steel's acquisition of U.S. Steel, aimed at addressing antitrust concerns.

Nippon Steel has agreed to sell its 50% stake in the Calvert, Alabama joint venture with ArcelorMittal for $1 if its acquisition of U.S. Steel is approved.
The move is intended to mitigate antitrust issues and expedite regulatory approval for the $14.1 billion U.S. Steel takeover.
Political figures, including President Biden, have expressed opposition to the foreign acquisition of U.S. Steel.
The Committee on Foreign Investment in the United States (CFIUS) has extended its review of the deal until after the upcoming presidential election.
Nippon Steel will incur a loss of approximately 230 billion yen ($1.55 billion) from the sale, but emphasizes the strategic importance of the U.S. Steel acquisition for its North American expansion.