US Steel and Nippon deal confirms foreign antitrust reviews. US approval is still pending.

The companies said Nippon’s proposed $14.1 billion acquisition of US Steel has received approval from antitrust authorities in Europe, Mexico, Serbia, Slovakia, Turkey and the United Kingdom.

Companies are still waiting for U.S. approval, which could take several months longer. The acquisition is reportedly being reviewed by a federal panel that reviews foreign transactions: the Committee on Foreign Investment in the United States (CFIUS).

In January, Bloomberg reported, citing anonymous sources, that the CFIUS review could last until the end of the year and possibly even into 2025.

US Steel previously said it expected to complete the deal in the second or third quarter of the year. The companies currently say they expect to close in the second half of 2024.

The United Steelworkers union vehemently opposed the agreement and instead supported the offer from Ohio steelmaker Cleveland-Cliffs. US Steel rejected this proposal and stated that Cleveland-Cliffs had insisted on reaching an agreement without exercising due diligence.