Nippon Steel, ArcelorMittal and others: major mergers and acquisitions in the steel industry

In 2024-2025, the global mining and steel industry witnessed a series of large-scale mergers and acquisitions that not only reshaped global production chains but also defined new centers of influence in the steel industry. The most high-profile deal was the purchase of United States Steel by Japan’s Nippon Steel for $14.9 billion, the largest acquisition in the history of Japanese steel industry.

The deal, which was approved by Donald Trump and accompanied by strict national control through the introduction of a so-called “golden share,” allows Nippon Steel to fully integrate US Steel into its global structure. The US government has been given the right to veto the company’s strategic decisions, including the closure of facilities or relocation of production. At the same time, US Steel will retain its headquarters in Pittsburgh, American management, and local production. The Japanese company plans to invest $11 billion in American assets by 2028, demonstrating its long-term interest in this strategic market.

ArcelorMittal became another active player in the M&A market in 2024-2025. The company not only bought out Nippon Steel’s stake in the AM/NS Calvert joint venture, making it entirely its own asset, but also announced large-scale investments in the modernization of facilities in Alabama. Investments in Calvert will exceed $3 billion, including the construction of a new EAF and the production non-grain-oriented electrical steel. This site is becoming ArcelorMittal’s new American hub.

At the same time, ArcelorMittal continues to optimize its assets in Europe. The company is selling its plants in Bosnia and Herzegovina (Zenica and Prijedor) to local investor Pavgord Group, recording losses of about $200 million due to a strategic revaluation of assets.

ArcelorMittal has also entered the French pipe market – the acquisition of 28.4% of Vallourec for over $1 billion allows it to strengthen its position in the premium energy products segment. At the same time, the company is investing again in Latin America, acquiring 60% of the shares of Brazil’s Tuper, one of the region’s leading pipe manufacturers.

Among European M&A deals, it is worth highlighting the activity of voestalpine, which sold its German subsidiary Buderus Edelstahl to Mutares and is strengthening its position in welding technologies through the acquisition of Italy’s ITALFIL. Thyssenkrupp has also transferred partial control of its steelmaking business to the Czech EP Corporate Group and plans to set up a 50/50 joint venture with it to compete more effectively in the market.

At the same time, Jindal Steel International completed acquisition of the Czech company Vítkovice Steel, promising €150 million in investments in the green transformation of production in Ostrava. A French court has officially approved the acquisition of the Ascometal plant in Fos-sur-Mer by Italy’s Marcegaglia, which has committed to investing €600 million in its modernization.

At the same time, Liberty Steel is rapidly losing ground in the global market: most of its assets are in crisis or up for sale. The Australian government has officially begun the process of selling the Whyalla Steelworks plant, which is under external management. In Luxembourg, the sale of the Dudelange plant to Turkey’s Tosyalı fell through due to changes in EU regulations. Against the backdrop of bankruptcies in Poland, the Czech Republic, Belgium, and Hungary, the situation with Liberty is becoming systemic – governments are forced to intervene to avoid social upheaval.

Salzgitter AG has decided to remain independent, halting negotiations with potential buyers (consortium GP Günter Papenburg AG та TSR Recycling GmbH & Co. KG). The company is focusing on hydrogen transformation within the SALCOS® project and is doubling its P28 efficiency improvement program.

Spain’s Grupo Celsa has sold its plants in the UK and Scandinavia to the Sev.en GI fund in order to reduce its debt.

The situation remains difficult for Italy’s Acciaierie d’Italia (ADI), formerly Ilva. After the company was once again placed under state control due to financial difficulties, the Italian government has repeatedly provided financial support to ensure continuity of production. Exclusive negotiations are currently underway to sell the asset to an Azerbaijani consortium, which is offering €1.1 billion and up to €4 billion in investments to transform production.

Large-scale deals in the raw materials segment are also continuing. Japan’s Mitsui is investing more than $5 billion in the Rhodes Ridge iron ore project in Australia, while Nippon Steel and Sojitz are buying 49% of the Canadian Kami project. This is part of a strategy to diversify DRI raw material supplies.

Meanwhile, US-based Cleveland-Cliffs will acquire Stelco for $2.5 billion, expanding its influence in the flat-rolled steel market. Glencore will acquire a 77% stake in Teck Resources’ coal business for $6.9 billion – the deal has already been approved by the Canadian government.

Thus, over the past two years, there has been a major reconfiguration of the steel market: Japan has strengthened its presence in the US, ArcelorMittal in North and South America, and in Europe, the redistribution of assets between private and industrial players continues.

“These transformations will determine the new geography of steel production over the next 3 to 5 years. In any case, we see interest in acquiring European assets, particularly as a means of gaining access to the EU market, which is becoming increasingly protected by trade barriers,” concludes Stanislav Zinchenko, CEO of GMK Center.