Nippon Steel profit down, sticks to U.S. Steel plan

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6 個月前

STORY: Nippon Steel posted a 20.8% decline in net profit for the year ended March.

Japan's biggest steelmaker was hit by losses at inactive facilities.

However, the profit of $3.53 billion substantially beat analyst estimates.

The results come months after Nippon Steel offered to take over the iconic U.S. Steel.

Though the move was met by resistance from President Joe Biden and by the United Steelworkers union.

The company said it still planned to close its $15 billion deal to buy U.S. Steel by the end of this year, pending U.S. approval.

Looking ahead to the year ending March next year, Nippon Steel forecast a net profit of $1.92 billion.

Its forecast excluded the potential acquisition of U.S. Steel.

Nippon Steel has pledged to move its U.S. headquarters to Pittsburgh, where U.S. Steel is based.

It also offered specific commitments on job security and additional investments if the deal goes through.

This month, the U.S. Department of Justice requested more details and documentary materials as part of an antitrust review of the deal.

The proposed buyout was already approved by the European Commission.