M&A · Energy · Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)
Nippon Steel North America, Inc. to acquire United States Steel Corp
Announced Dec 18, 2023 · Closed Jun 18, 2025
Deal value$12.27BEV $13.20B
Premium142.0%To unaffected price
EV / Adj. EBITDA6.0x0.7x EV / Revenue
ConsiderationAll cash$55.00 per share
Transaction
- Acquirer
- Nippon Steel North America, Inc.
- Target
- United States Steel Corp (X)
- Buyer type
- Strategic
- Offer price per share
- $55.00
- Enterprise value
- $13.20B
- Status
- Closed Jun 18, 2025
Deal protections
- Break fee (target pays)
- $565M · 4.6%
- Reverse fee (buyer pays)
- $565M · 4.6%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Barclays, Goldman Sachs
- Barclays fee
- $68.0M
- Goldman Sachs fee
- $63.0M
Sector context · Energy
- Comparable deals
- 33 in the prior 24 months
- Premium
- 142.0% vs. 22.0% sector median
- EV / Adj. EBITDA
- 6.0x vs. 9.1x sector median
- Break fee
- 4.6% vs. 2.8% sector median
Timeline
- AnnouncedDec 18, 2023
- Proxy filedJan 24, 2024
- Definitive proxyMar 12, 2024
- Shareholder voteApr 12, 2024
- ClosedJun 18, 2025
Valuation · fairness opinions
Discounted cash flowBarclays$39.00$50.00
Future share priceBarclays$38.00$47.00
Precedent transactionsBarclays$50.00$58.00
Discounted cash flowGoldman Sachs$38.12$52.02
Future share priceGoldman Sachs$29.62$45.67
Premiums paidGoldman Sachs$26.81$34.53
Offer $55.00
Implied value per United States Steel Corp share by analysis, from Barclays and Goldman Sachs.