skynesher
Nippon Steel (OTCPK:NPSCY) (OTCPK:NISTF) will press ahead with its proposed ~$15B acquisition of U.S. Steel (NYSE:X) as it remains convinced of the deal’s potential to boost the American firm’s growth, despite Biden’s calls to maintain U.S. ownership.
The Japanese steelmaker’s new president Tadashi Imai emphasized its deep U.S. roots, pointing to its over 2,000 patents in North America and the access that U.S. Steel (X) would get to its more advanced technologies.
“I am convinced we’re the most useful partner to help U.S. Steel (X) grow in the United States,” Imai told the media, as reported by Reuters.
As for concerns over potential job losses, Nippon Steel (OTCPK:NPSCY) previously pledged there would be no layoffs or facility closures, and it will maintain production within the U.S.
It is continuing talks with the United Steelworkers union about investment plans and boosting U.S. Steel’s (X) competitiveness in efforts to win their support for the deal, Imai said.
The Japanese firm has been facing a lot of flak for the deal, which is especially important in light of the upcoming U.S. presidential election. While Biden called for U.S. Steel (X) to remain an American company, Republican nominee Donald Trump has vowed to block the deal. To note, the USW union endorsed Biden for a second term as president.
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