Source disclosure: February 24, 2026
NIPPON STEEL CORPORATION [5401.T]
TOKYO — NIPPON STEEL CORPORATION (5401), led by President and COO Masaru Imai, announced on February 24, 2026, that it has decided to increase the total amount of its Euro-yen convertible bond-linked subscription warrants due in 2029 and 2031. The company will raise the aggregate amount of each type of bond from 2,750 billion yen to 3,000 billion yen.
The decision was made following an assessment of investor demand and other market trends identified during the book-building process prior to determining the issuance conditions for these bonds. As a result of this adjustment, the number of new subscription warrants issued will also rise, although the intended use of funds remains unchanged. Specifically, the proceeds from the issuance, totaling approximately 6,000 billion yen, will be used to repay bridge loans related to the acquisition of US Steel Corporation, with full repayment targeted by June 2026. Additionally, permanent financing for these bridge loans will be completed through various means including syndicated loans, public subordinated bonds, committed term loans, and future debt funding.
This announcement does not constitute investment solicitation or similar activities, nor will there be any domestic offering or sale of these securities. Furthermore, no such offerings or sales will occur in the United States unless registration under the U.S. Securities Act of 1933 or exemption from registration is obtained. In such cases, an English-language prospectus would be utilized, which can be obtained from the issuing company or selling agent. This document includes detailed information about the issuer's management and financial statements. However, no such offerings or registrations will take place in the United States for these securities.
This strategic move aims to strengthen the company’s financial structure over the long term, supporting sustained growth initiatives. By increasing the scale of both the 2029 and 2031 maturity bonds, Nippon Steel seeks to bolster its capital position while ensuring adequate resources for critical business expansions like the US Steel acquisition.
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