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Fitch places U.S. Steel on positive watch
Fitch Ratings said it placed United States Steel Corp.’s issuer, secured and senior unsecured ratings on rating watch positive.
“The positive watch reflects the meaningful increase in size and earnings of the combined entity following the expected close of the acquisition of U. S. Steel by Nippon Steel Corp. (NSC). Fitch views NSC's likely debt-financed portion of the acquisition of U. S. Steel as more than offset by NSC's EBITDA generation, which was roughly $8.3 billion on average over the past two years compared to U. S. Steel's estimated mid-cycle EBITDA generation of $1.5 billion-$2 billion,” the agency said in a press release.
The deal is expected to close in the second or third quarter of 2024.
Fitch said resolving the positive watch could take more than six months depending on when the deal closes.
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