EU Approves Nippon Steel's Acquisition of U.S. Steel

Brussels, May 6 (Jiji Press)--The European Commission announced Monday that it has approved the acquisition of United States Steel Corp. by Nippon Steel Corp. of Japan.

The commission, the executive organ of the European Union, said that the planned deal "would not raise competition concerns given the companies' limited market positions."

The planned acquisition was approved by U.S. Steel shareholders last month.

But the United Steelworkers union opposes the deal.

U.S. President Joe Biden and former U.S. President Donald Trump, who are set to clash in the presidential election in November, are also cautious over the deal.

Earlier this month, Nippon Steel said that it has decided to postpone the completion of the acquisition to December from September as the company received a request for additional information from the U.S. Justice Department in its review of the deal based on the U.S. antitrust law.

END