TOKYO — Japanese steelmaker Nippon Steel announced on Monday that it will acquire American peer U.S. Steel for more than 2 trillion yen ($14 billion).
The deal is set to be one of the largest acquisitions ever by Nippon Steel, and will mark a transformation in the steel industry led by long-established Japanese and U.S. players. It is aimed at strengthening the company’s position in the growing U.S. market amid declining demand for steel products in Japan on the back of a shrinking population and other factors.
