Nippon Steel Plans to Divest Stake in Joint Steel Plant Amid US Steel Acquisition Efforts

Oct 11, 2024

Nippon Steel announced its intention to divest its 50% stake in a joint steel plant located in Calvert, Alabama, with ArcelorMittal if it successfully acquires United States Steel Corporation. The company plans to sell its stake held by NS Kote Holdings to ArcelorMittal for $1.

This transaction is expected to result in a consolidated loss of about 230 billion yen (approximately $1.55 billion). However, should the acquisition of United States Steel not proceed, the sale of NS Kote to ArcelorMittal will not be executed, preventing any impact on Nippon Steel's earnings performance.

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