U.S. Steel (Nippon acquisition attempt)

active

Industrial / Steel — Nippon Steel (strategic) / Cleveland-Cliffs (rival bid)

Deal Terms

Entry Year2024

Entry EV$14.9B

Entry Multiple7x

Leverage3x

Debt Amount$4.47B

Risk Metrics

LTV (est.)30%

Debt / EV0.30x

Notes

Nippon Steel's $14.9B acquisition of 123-year-old US Steel blocked by Biden (Dec 2024) on national security grounds. Cleveland-Cliffs (PE-linked) made rival $7.3B bid. CFIUS review. Union opposition. Illustrates PE/strategic competition for critical industrial assets. Steel industry consolidation driven by leverage and geopolitics.

Sponsor

GIC Private Limited$800B AUM