US steelmaker US Steel called its combination with Nippon Steel a "partnership," after nearly a year and a half of the Japanese steelmaker trying to acquire US Steel.
US Steel said Nippon would make "investment commitments" through the partnership and transfer technology, though US Steel did not provide details in its 20 March first quarter earnings release.
Nippon has been pursuing a $15bn acquisition of US Steel since late 2023, which came up against presidential election-year headwinds, including pledges by then-President Joe Biden and then-candidate Donald Trump to block the deal.
Biden did block the transaction near the end of his presidency, which Nippon and US Steel sued against.
As recently as last week the lawsuits were still active, though on 14 March the US government filed for a delay of the lawsuit so it could work towards an agreement with the two companies.
In the earnings guidance, US Steel said its new 3mn short tons (st)/yr Big River 2 flat-rolled steel mill in Arkansas continues to ramp up, and is expected to hit run-rate throughput in the second half of the year and its full capacity in 2026.
Seasonal mining impacts are expected to outweigh higher first quarter selling prices and volumes at US Steel's US-based blast furnaces, while its electric arc furnace (EAF) minimills in Arkansas boosted shipment volumes.
In Europe, shipments are expected to increase along with more favorable raw material pricing, though the company called the demand environment "challenging."
Tubular segment results are expected to benefit from higher shipment volumes and prices.
US Steel expects to post a first quarter loss of $145mn, compared with a prior year profit of $171mn.
