Nippon Steel is tapping the bond market again, raising ¥90 billion through its first straight-bond offering since completing its acquisition of US Steel. The move comes as the Japanese steelmaker continues to restructure its balance sheet after the cross-border industrial deal.
This isn’t Nippon Steel’s first trip to the debt markets since the deal closed. In February 2026, the company completed a ¥600 billion ($3.9 billion) convertible bond offering, the largest of its kind in Japanese corporate history. That earlier issuance was split into two tranches maturing in 2029 and 2031, with proceeds earmarked specifically for repaying acquisition-related loans.
A deal that almost didn’t happen
The US Steel acquisition was originally announced on December 18, 2023, as an all-cash transaction valued at approximately $14.9 billion, or $55 per share. It took roughly 18 months to actually close, finally crossing the finish line on June 18, 2025, after an extended US government review.
To get the deal done, Nippon Steel had to make some serious concessions. The company pledged over $11 billion in future US investments focused on domestic manufacturing. It also granted a “golden share” to the US government, effectively giving Washington ongoing oversight related to national security concerns. US Steel kept its headquarters in Pittsburgh.
