US Steel’s proposed US$14.9 billion merger with Nippon Steel

The White House is set to announce that President Joe Biden will block Nippon Steel’s US$14.9 billion bid for the US Steel citing national security concerns, two sources familiar with the situation told Reuters.
Nippon Steel agreed to acquire US Steel last year, but has faced resistance since then from both an assertive labor union and the White House.
Here’s a timeline of events leading up to the deal between the two steelmakers and the growing bipartisan political opposition:
Aug 13, 2023: US Steel announces aim to explore options 2023 after receiving unsolicited bids, ranging from the acquisition of certain production assets to consideration for the company
Aug] 13 2023: US Steel rejects a US$7.3-billion offer from 2023 Cleveland-Cliffs, leading to the start of a formal review of its strategic options
Aug 14, 2023: The United Steelworkers union supports Cleveland-Cliffs’ bid to acquire US Steel, saying the company is the best buyer
Aug 14, 2023: Shares of US Steel rise after privately held firm Esmark makes a US$7.8-billion all-cash offer for the company
Aug 16, 2023: ArcelorMittal, the world’s second-largest steelmaker, considers a potential offer for US Steel, Reuters reports
Aug 17, 2023: US Senator JD Vance asks US Steel to rule out a foreign buyer for the company
Aug 17, 2023: US Steel says its labor agreement with USW does not grant the union the right to veto potential sale of the company
Aug 22, 2023: Cleveland-Cliffs demands US Steel reveal all buyout offers it has received
Aug 23,2023: Esmark withdraws its bid for US Steel, respecting the position of the USW union, which supports Cleveland-Cliffs’ offer
Aug 29 2023: US Steel begins due-diligence after entering agreements with numerous third parties
Sep 20, 2023: Steel and Cleveland-Cliffs clash over a confidentiality pact
Sep 21, 2023: Canada’s Stelco Holdings considers a bid for US Steel, Bloomberg news reports
Sep 28, 2023: US Steel allows Cleveland-Cliffs to participate in its sale process
Oct 31, 2023: Major automakers oppose Cleveland-Cliffs’ proposed acquisition, citing potential cost increases and a slowdown in electric-vehicle sales
Dec 18, 2023: Japan’s Nippon Steel announces its plan to buy US Steel in a deal valued at US$14.9 billion
Dec 19, 2023: Three US Republican senators urged Treasury Secretary Janet Yellen to block the deal by Nippon Steel, citing national security concerns.
Dec 20, 2023: Brian Deese, a key player in President Joe Biden’s 2024 re-election bid, says Nippon’s proposed purchase was concerning and the administration should look closely at it.
Dec 21, 2023: The White House said Nippon Steel’s proposed acquisition of US Steel deserves “serious scrutiny”, given its core role in US steel production that is critical to national security.
Dec 22, 2023: Japanese Industry Minister Ken Saito says US-Japanese ties were “stronger than ever”, although he declined to comment directly on growing US scrutiny of a proposed deal.
Jan 5, 2024: Nippon Steel was confident of completing its planned acquisition of US Steel, despite opposition from labour union and certain US senators, its president said.
Jan 12, 2024: Nippon Steel said President Eiji Hashimoto would become CEO and chairman from Apr 1, remaining at the helm as the top Japanese steelmaker aims to complete the deal
Jan 24, 2024: Nippon Steel Executive Vice President 2024 Takahiro Mori met US Congress members to discuss acquisition of US Steel, as it faced strong resistance.
Jan 30, 2024: Sumitomo Mitsui Financial Group, Mitsubishi FJ Financial Group and Mizuho Financial Group plans to lend Nippon Steel a combined US$16 billion for its acquisition of US Steel.
Feb 7, 2024: Nippon Steel says it was on track to finalise its acquisition of US Steel by September end as it stepped up talks wit key stakeholders, particularly labour unions.
Mar 4, 2024: A senior Nippon Steel executive told Reuters he was set to meet the United Steelworkers union chief to seek support for acquiring US Steel.
Mar 13, 2024: President Joe Biden plans to express concern over Nippon Steel’s proposed purchase of US Steel, pushing the US company’s stock nearly 13 per cent lower on bets the deal could face political opposition.
Apr 10, 2024: The US Department of Justice opens an in-depth antitrust investigation into Nippon Steel’s takeover of US Steel.
Apr 12, 2024: US Steel shareholders vote to approve the 2024 acquisition, taking the merger one step closer to completion even as political opposition rise.
Apr 17, 2024: President Joe Biden says at an event in Pittsburgh that the US Steel should stay a US-owned company.
May 2, 2024: The US Department of Justice sent a “second request” to US Steel, seeking more details and documentary materials as part of an antitrust review.
May 6, 2024: The European Commission approves US Steel’s US$14.9 billion buyout saying the deal does not raise competition concerns. 
May 30, 2024: Both US Steel and Nippon Steel say they had received all regulatory approvals outside the US for their proposed merger
Jul 20, 2024: Nippon Steel hire former US Secretary of State Mike Pompeo to help with its effort to acquire US Steel
Aug 29, 2024: Nippon Steel says it plans to invest about US$1.3 billion more in US Steel’s two mills as part of the pending acquisition
Sep 2, 2024: Democratic presidential candidate Kamala Harris says US Steel should remain in domestic hands
Sep 4, 2024: The White House is close to announcing President Joe Biden will block Nippon Steel’s acquisition of US Steel citing national security concerns, two sources familiar with the situation told Reuters