Shin Nippon Steel has announced that if it acquires US Steel, it plans to sell all its shares in the Calvert steel plant in Alabama, which was established as a joint venture with ArcelorMittal, according to major foreign media reports on the 11th (local time).
According to the reports, Shin Nippon Steel stated that the plan to sell its shares in the joint venture plant is "to preemptively address concerns about antitrust issues," and added, "We judged that transferring these shares is the most certain way to obtain timely approval for the US Steel acquisition."
Shin Nippon Steel expects that if it sells the holding company owning the joint venture plant shares to ArcelorMittal for 1 dollar after acquiring US Steel, the resulting loss will amount to approximately 230 billion yen (about 2 trillion won).
Meanwhile, Shin Nippon Steel's plan to acquire US Steel has faced opposition from the US political sphere since the end of last year. Both Kamala Harris, the US Democratic presidential candidate, and Donald Trump, the Republican presidential candidate, oppose the acquisition.
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