Since 1975
  • facebook
  • twitter
  • Home
  • Business
  • Nippon Steel defends its US steel bid after Harris’ opposition

Nippon Steel defends its US steel bid after Harris’ opposition

Nippon Steel said last month that it would make an additional investment of about 1.3 billion dollars in U.S. Steel following the takeover. (AFP)
Nippon Steel said last month that it would make an additional investment of about 1.3 billion dollars in U.S. Steel following the takeover. (AFP)
Short Url:
03 Sep 2024 07:09:08 GMT9
03 Sep 2024 07:09:08 GMT9

TOKYO: Nippon Steel Corp. released a statement Tuesday arguing that the Japanese firm’s planned acquisition of United States Steel Corp. would benefit the United States, after U.S. Vice President Kamala Harris expressed her opposition to the buyout plan the previous day.

“We’re confident that Nippon Steel’s acquisition of U.S. Steel will revitalize the American steel rust belt, benefit American workers, local communities, and national security in a way no other alternative can,” Nippon Steel said. “We believe that a fair and objective regulatory review process will support this outcome, and we look forward to closing the transaction as soon as possible.”

Nippon Steel said last month that it would make an additional investment of about 1.3 billion dollars in U.S. Steel following the takeover. The Japanese firm stressed that only it was able to carry out such a large investment, and that “U.S. Steel and the entire American steel industry will be on much stronger footing.”

The acquisition is strongly opposed by the United Steelworkers, or USW, labor union.

Harris, the Democratic Party candidate for the U.S. presidential election in November, joined former President Donald Trump, the Republican presidential nominee, in opposing the planned acquisition. Trump has repeatedly vowed to block the move if elected. Both the Harris and Trump campaigns are jostling for votes from blue-collar workers in battleground states, including Pennsylvania, where U.S. Steel is based.

Under such circumstances, Nippon Steel, aiming to complete the acquisition by the end of the year, hired Mike Pompeo, who served as U.S. secretary of state under the Trump administration, as an adviser. Nippon Steel Vice Chairman Takahiro Mori said the company hopes to foster understanding in the United States over the proposed deal through dialogue with local influential people.

At a press conference Tuesday, Japanese Chief Cabinet Secretary HAYASHI Yoshimasa, the country’s top government spokesman, avoided commenting on Harris’ opposition to the proposed buyout, saying that he would refrain from talking about specific companies’ activities. At the same time, he said: “Strengthening economic relations between Japan and the United States, including increased investment, is vital for both sides. We want to work together even more.”

JIJI Press

topics
Most Popular
Recommended

return to top

<