Nippon Steel Transfers Stake in ArcelorMittal JV Amid US Steel Deal

MT Newswires Live

Oct 14, 2024

Nippon Steel (TYO:5401) has agreed to transfer its entire 50% stake in AM/NS Calvert LLC, held through its subsidiary NS Kote, to ArcelorMittal, concurrent with its acquisition of United States Steel Corporation, according to a Friday filing on the Tokyo Stock Exchange.

AM/NS Calvert is a 50/50 joint venture betwenn NS Kote and ArcelorMittal Calvert, the filing said.

Nippon Steel's board approved the transaction to address potential antitrust concerns that may arise from the acquisition of US Steel.

The move is expected to result in a 230 billion yen restructuring loss for Nippon Steel, with the deal closing by year-end. However, the share transfer is contingent on the completion of the acquisition of US Steel, according to the filing.

Nippon Steel plans to maintain its full-year dividend forecast at 160 yen per share.

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However, the share transfer is contingent on the completion of the acquisition of US Steel, according to the filing.</p><p>Nippon Steel plans to maintain its full-year dividend forecast at 160 yen per share.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"AMSYF","symbol_name":"ArcelorMittal","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2475876997","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2475876997","pubTimestamp":1728859552,"columns":[],"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. 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