'US Steel Acquisition Pursued by Nippon Steel, Symbol of US Steel Industry, Reaffirms Intent Despite Trump Opposition'

Nippon Steel has reaffirmed its intention to acquire the American steel company US Steel. This comes despite former U.S. President Donald Trump stating that he would block the sale of US Steel if he were re-elected, with Nippon Steel expressing a strong determination to proceed.

US Steel Edgar Thomson Plant in Braddock, Pennsylvania, USA [Image source=AP News]

NHK reported that Takahiro Mori, Vice President of Nippon Steel, said at a press conference on the 7th, "I doubt whether (former President Trump) fully understands what he is saying," and announced plans to complete the acquisition of US Steel by September.

Regarding opposition from the U.S. side, he said it was within the expected range and stated, "This is a very valuable matter for both Japan and the U.S., and it cannot be blocked by political intentions alone." He added, "As the U.S. presidential election in November approaches, political concerns will increase, so it is important to find common ground with the labor union as soon as possible to prevent political moves."

Nippon Steel announced in December last year that it would acquire US Steel for $14.1 billion (approximately 18.7248 trillion won). US Steel is a company with a 122-year history and was once ranked first in global market capitalization, regarded as a symbol of the American steel industry. Nippon Steel plans to complete the acquisition between April and September through approvals from relevant authorities.

However, opposition to this sale continues within the United States. Former President Trump stated last month that he would "immediately and unconditionally block" the acquisition, and the U.S. Steelworkers union along with some politicians have opposed the sale, citing concerns over weakening the industrial base and national security. The Biden administration has also expressed its intention to carefully review the impact on national security before approving the acquisition.

This content was produced with the assistance of AI translation services.