Nippon Steel's US Steel takeover plan has support in steelmaking areas

25/12/2024 17:53

Japan's Nippon Steel is seeing support for its proposal to acquire U.S. Steel in the regions of the United States where steel mills are located, Nippon Steel's President Tadashi Imai told reporters on Wednesday.



On Monday, a U.S. foreign investment committee referred the decision whether to approve or block the $15 billion deal to U.S. President Joe Biden, who has 15 days to decide.



Biden and his incoming successor, Donald Trump, have both expressed opposition to the purchase.



On Wednesday, Imai reiterated that Nippon Steel has made a number of commitments to address national security concerns of the Committee on Foreign Investment in the United States, adding he believed there was 'progress in understanding'.



"In the communities of the various regions where the steel mills are located, there is a considerable amount of support for this acquisition," Imai said. "I hope that President Biden will understand...the value of this acquisition to the U.S. economy."



Both companies have previously said they had planned to close the deal, which has also faced opposition from a powerful the United Steelworkers labor union (USW), before the end of 2024.