Nippon Steel's Vice Chairman Returns to U.S. for Key Acquisition Talks

03 Jun 2024 CW Team

Vice Chairman Takahiro Mori of Nippon Steel plans to return to the United States this week for further negotiations over the proposed $14.9 billion acquisition of U.S. Steel. This follows his previous visit from May 20-26, highlighting the company's urgency to finalize the deal amidst increasing regulatory and political challenges.

Mori's agenda includes meetings in Washington D.C. and discussions with business and political leaders. The trip underscores the Japanese steelmaker's commitment to securing the merger, despite opposition from President Joe Biden and the United Steelworkers (USW) union, both concerned about job losses and the importance of U.S. Steel remaining under domestic ownership.

To address these concerns, Nippon Steel is considering asset sales if required by U.S. regulators. A manufacturing plant in Calvert, Alabama, jointly owned with ArcelorMittal, has been a particular focus of antitrust scrutiny.

Despite these hurdles, Mori remains optimistic about the deal, citing the successful acquisition of Standard Steel in 2011 as a model. He emphasized Nippon Steel's commitment to job security and plans to invest an additional $1.4 billion to upgrade U.S. Steel factories. However, the USW has rejected meeting requests and labeled Nippon Steel's proposals as "hollow promises."

Mori believes that public support for the deal might influence the union to engage in discussions. He anticipates smoother progress post-U.S. presidential election, projecting significant profit boosts for Nippon Steel if the deal concludes by December.

The merger, if successful, would grant Nippon Steel greater access to the lucrative U.S. market and support its long-term financial objectives, targeting a 1 trillion yen profit by the 2025 financial year.

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