Nippon Steel not to import from overseas mills in bid to save US Steel deal
Nippon is looking to close its $14.9 billion deal for US Steel by the end of the year.
Nuclear fuel supplier Centrus Energy said on Monday it has received a notice from Russia’s TENEX that its government passed an order, which canceled its licence to export low-enriched uranium to the US, effective through Dec. 31, 2025.
Shares of Centrus were down 4.3% at $73.14 in trading after the bell.
Russia, the world’s largest supplier of enriched uranium, said last week it had imposed temporary restrictions on the fuel’s export to the United States, a symbolic tit-for-tat move after the US banned Russian uranium imports.
TENEX is required to obtain a specific export licence from the Russian authorities to make each of the remaining 2024 shipments of low-enriched uranium to Centrus and for shipments in 2025.
Centrus said TENEX is seeking the necessary export licences, in a timely manner. But there is no certainty whether they will be issued by the Russian authorities and if issued, whether they will be in a timely manner, it said.
If TENEX is unable to secure export licences, it would affect Centrus’ ability to meet delivery obligations to customers, it said.
(By Tanay Dhumal; Editing by Shilpi Majumdar)
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