NIPPON STEEL SAYS JAPAN'S 3 MEGABANKS PLAN $16 BLN LOAN FOR U.S. STEEL ACQUISITION

On Tuesday, Sumitomo Mitsui Financial Group, Mitsubishi UFJ Financial Group, and Mizuho Financial Group announced plans to collectively lend Nippon Steel $16 billion for its proposed acquisition of U.S. Steel (X.N), as confirmed by the Japanese steelmaker. The deal, valued at $14.9 billion, for Nippon Steel to acquire its U.S. counterpart has faced opposition from both Democratic and Republican lawmakers, as well as the influential United Steelworkers union.

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