American Steel (Xpennfierce36000ll.US) postponed its expected completion of Nippon Steel's controversial $14.1 billion acquisition until the second half of this year.
U.S. Steel announced in its quarterly earnings report on Thursdaypennfierce36000llThe revised timetable was revised, which is an adjustment to previously expected transactions to be completed in the second or third quarter.
Although U.S. Steel said it would continue to move towards completing the deal after its shareholders approved the deal last month, the two companies are working to respond to the Justice Department's request for additional information regarding antitrust reviews.
Nippon Steel also said on Friday that it would delay its expected completion of the acquisition of U.S. Steel until December this year because the U.S. Department of Justice requested more details and documentation as part of an antitrust review.
It is understood that the deal was opposed by the main steelworkers 'union and attracted great attention from politicians and the White House. Although Japan is a close ally of the United States, the deal still requires national security review.