Nippon Steel postpones planned acquisition of US Steel to December

Nippon Steel says it will postpone its plan to acquire United States Steel until the end of this year. The Japanese firm initially planned the takeover of the American steel producer by September.

Nippon Steel made the announcement on Friday.

The Japanese steelmaker said it revised the estimated closing date after carefully deliberating on the timeframe for obtaining approval from US authorities.

The company also expressed its determination to complete the transaction.

In December last year, Nippon Steel said it had agreed to make US Steel a wholly-owned subsidiary and to complete the buyout by September of this year.

Shareholders of US Steel approved the proposed takeover at a general meeting in April, but the United Steelworkers union is against it.

Former US President Donald Trump said earlier that he will block the deal "instantaneously" if he wins the presidential election in November.

US President Joe Biden said that US Steel should remain "totally American."