Heavy Metal: Dealmaking Heats Up Across the North American Steel Scene
Valuations are attractive for consolidation, bolt-ons and roll-ups amid tariff turmoil and overcapacity in the steel sector.
With the drama over between Nippon Steel and U.S. Steel, dealmaking is expected to accelerate throughout the North American steel ecosystem.
Nippon prevailed through two U.S. presidencies to finally receive approval in June to acquire U.S. Steel for $14.9 billion. Now the other majors are seeking tuck-in acquisitions to keep pace. Downstream segments, especially distribution service centers and recycling, have new impetus for consolidation.
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