Nippon Steel Finalizes $15B Acquisition of U.S. Steel, Reports Decreased Profits but Optimistic Outlook for Future

In addition to announcing its latest financial results, Nippon Steel, Japan’s largest steel manufacturer, has confirmed its intention to complete its $15 billion acquisition of U.S. Steel by the end of this year. The company reported a 20.8% decrease in net profit for the fiscal year ending in March 2022, reaching 549.4 billion yen, surpassing market expectations of 464.6 billion yen as per a survey conducted by LSEG. Nippon Steel also revealed its net profit forecast for the upcoming fiscal year, which ends in March 2025, set at 300 billion yen. These updates were shared during the company’s earnings call on May 9, with further details provided by CEO Tom Long and CFO Mackie McCrea. Additionally, Nippon Steel disclosed that the U.S. Steel merger is scheduled to conclude by the end of 2024 at the latest.