May 2 (Reuters) - The U.S. Department of Justice is
seeking more details and documentary materials as part of an
antitrust review of Nippon Steel's ( NISTF ) proposed $15 billion
takeover of U.S. Steel, the American firm said on Thursday.
Commonly known as a "second request," it can mark the start
of a lengthy legal process from which few mergers emerge
successful.
The DoJ's request comes after the Japanese firm's proposed
bid drew sharp criticism in the U.S., including from President
Joe Biden, who said the asset should be domestically owned.
However, an overwhelming majority of U.S. Steel shareholders
voted in favor of the deal in April.
Despite fears of layoffs, Japan's largest steelmaker has
pledged no job cuts as a result of the merger and has said it
will move its own U.S. headquarters to Pittsburgh where U.S.
Steel is based.
The acquisition of U.S. Steel will help Nippon, the world's
fourth-largest steel maker, move toward 100 million metric tons
of global crude steel capacity.
U.S. Steel now expects that the merger will be completed in
the second half of 2024, it said on Thursday, as its prior
deadline of second to third quarter of 2024 nears.