Japan's Nippon Steel plans to acquire US Steel for $7 bln -Nikkei (updated)

Nippon Koshuha Steel Co

18/12/2023 11:00

(Adds detail from 2nd paragraph)
       TOKYO, Dec 18 (Reuters) - Japan's Nippon Steel  5401.T 
is planning to purchase United States Steel  X.N  in a deal
expected to exceed 1 trillion yen  ($7.01 billion), the Nikkei
newspaper reported on Monday.
    A spokesperson for Nippon Steel declined to comment on the
report.
    Nippon Steel sees the U.S. as a growth market that can help
to offset declining demand in Japan, the Nikkei daily said,
adding that the company plans to make U.S. Steel a wholly owned
subsidiary.
    Shares in U.S. Steel were up about 3% in U.S. premarket
trading. The company did not immediately respond to a request
for comment.
($1 = 142.5600 yen)

 (Reporting by Kiyoshi Takenaka and Rocky Swift in Tokyo and
Shivansh Tiwary in Bangalore; editing by Jason Neely and David
Goodman
)
 ((rocky.swift@thomsonreuters.com;))