President of Nippon Steel: "Schedule for Meeting with Trump Regarding US Steel Acquisition Undecided"
More Than Two Weeks Since Trump's "Meeting Soon" Remark
Still Considering Acquisition Rather Than Investment
Imamura Tadashi, President of Nippon Steel, stated that he has not yet scheduled a meeting with U.S. President Donald Trump regarding the acquisition of the American steel company US Steel.
According to local media including Kyodo News on the 25th, Imamura told reporters, "The meeting schedule with President Trump has not been decided yet," adding, "This is a matter to be discussed after consultations with the administrative authorities."
He continued, "Capital investment and facility investment cannot be considered separately, and only after making a capital investment can a decision on large-scale investment be made," adding, "We are currently at the stage of discussing with the U.S. government what can be done to help President Trump understand this matter."
Earlier, on the 7th (local time), President Trump held a press conference immediately after a summit with Japanese Prime Minister Ishiba Shigeru at the White House, stating, "Instead of Japan acquiring and owning US Steel, Japan will make a large-scale investment in US Steel," and added, "I will meet with Nippon Steel executives next week."
Nevertheless, Nippon Steel appears to be pursuing the plan to purchase all US Steel shares and make it a wholly owned subsidiary, as originally planned. It is reported that they believe it is necessary to make US Steel a wholly owned subsidiary in order to provide important technology.
The meeting between the two sides has not taken place even though more than two weeks have passed since the U.S.-Japan summit. However, Imamura said regarding the discussion of Nippon Steel's US Steel acquisition plan at the recent U.S.-Japan summit, "I think there has been considerable progress."
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Nippon Steel proposed acquiring US Steel in December 2023. However, opposition from the U.S. steel union and some politicians in the United States led former U.S. President Joe Biden to issue a disapproval decision last month.
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