Nippon Steel Pledges No Imports Amid 29% Tariffs to Secure $14.1 Billion US Steel Deal

Nov 18, 2024, 11:35 PM

Nippon Steel has pledged not to import steel from its overseas mills as part of its commitment to secure a $14.1 billion acquisition of US Steel. This move is aimed at winning over unionized workers of US Steel. Additionally, the US Commerce Department has significantly increased tariffs on Nippon Steel, imposing a 29% duty on hot-rolled steel imports, up from the previous 1.39%. This action is in response to allegations that Nippon Steel was selling steel below normal value in the US between October 2022 and September 2023. Nippon Steel executives have flown to Pittsburgh in a bid to finalize the deal.