Client U.S. Steel successfully acquired by Nippon Steel in landmark transaction
In 2023, U.S. Steel ranked as the second largest steel manufacturer in the United States. At that time, Milbank LLP (on behalf of U.S. Steel) retained a Bates White team led by Nicholas Hill and Slava Zayats to assist in assessing competitive effects from several potential acquisition scenarios—multiple companies had interest in acquiring U.S. Steel.
In December 2023, Nippon Steel Corporation, Japan’s largest steelmaker, reached an agreement to acquire U.S. Steel for $14.9 billion. The team led by Nicholas Hill and Slava Zayats provided support for U.S. Steel through all stages of antitrust review by the Department of Justice, ranging from initial voluntary responses, to a Second Request, and ultimately Second Request compliance. Economic analyses of likely competitive effects included multiple product markets and both horizontal and vertical aspects.
In June 2025, Nippon successfully completed its acquisition of U.S. Steel.
The team supporting Drs. Hill and Zayats included Yash Dhuri, Kayuna Fukushima, Lucy Nguyen, and Jonathan Schwartz.