TOKYO: Nippon Steel Corp. remains committed to completing its planned acquisition of United States Steel Corp. by year-end, President Tadashi Imai said Thursday.

Imai made the remark at a news conference by the Japan Iron and Steel Federation. The deal has become a political issue ahead of the U.S. presidential election in November.

In the presidential race, attention is being paid to votes from members of the United Steelworkers, or USW, labor union, Imai said, adding that “we want to focus on dialogue with the USW.”

Nippon Steel has reapplied to the Committee on Foreign Investment in the United States for a screening of its buyout plan.

Imai said that he cannot be optimistic about the fate of the plan ahead of the presidential election, saying, “We will patiently make efforts so that U.S. Steel employees, industry and business circles will understand that (the acquisition) would serve their national interest.”

Regarding the influx of low-cost steel products overproduced in China backed by massive subsidies into other East Asian economies and elsewhere, Imai said, “While (trade remedy) measures have been taken in various countries around the world, Japan’s steel market is not being protected.”

He expressed hope that the federation will accelerate discussions on how Japan can deal with the situation.

JIJI Press