Nippon Steel Confident in Completing U.S. Steel Acquisition Despite Opposition

The $14.9 billion deal faces scrutiny from lawmakers, labor unions, and the White House due to national security concerns and the state of the U.S. steel industry.

• Nippon Steel, Japan's top steelmaker, is confident of successfully completing its planned acquisition of U.S. Steel, despite opposition from labour union and certain U.S. senators.
• The $14.9 billion deal has drawn criticism from both Democratic and Republican lawmakers and the powerful United Steelworkers union.
• Nippon Steel President Eiji Hashimoto believes the deal poses no harm to America and will make investment in line with the economic security strategies of the United States and other Western nations.
• U.S. Steel has fallen behind technologically and financially to both international competitors and other American steelmakers, and the acquisition by Nippon Steel could lead to significant improvements in U.S. Steel's production processes, energy consumption, and overall product quality.
• The White House has expressed the need for 'serious scrutiny' of the deal given the company's role in U.S. steel production that the government regards as critical to national security.

3 Articles

CNA The Dispatch Newsweek