Nippon Steel set to meet stakeholders of US Steel deal

— Reuters

TOKYO: Japan’s Nippon Steel says its vice-chairman, Takahiro Mori, a key negotiator for its planned purchase of US Steel, will travel to the United States this week to meet stakeholders as part of continued efforts to complete the deal.

A spokesperson for Nippon Steel in Tokyo said Mori will visit the United States to continue dialogues with various stakeholders of the deal to gain a better understanding.

She declined to give further details such as who Mori will be meeting with and how long he will stay in the United States.

US Steel deferred to the Japanese counterpart for comment.

In December, Nippon Steel offered nearly US$15bil to take over US Steel, drawing resistance from both Democratic President Joe Biden and Republican former president Donald Trump, as well as the United Steelworkers (USW) union.

To win support from the USW, Nippon Steel has pledged to move its US headquarters to Pittsburgh, Pennsylvania, where US Steel is based, offering commitments on job security and additional investments if the deal goes through.

Bloomberg reported last Friday in the United States that Mori will travel to Pittsburgh next week to meet with local staff and elected officials, citing people briefed on the matter.

The Japanese steelmaker expects to close the deal in the second half of 2024, compared with its prior deadline of the second to third quarter, after the US Department of Justice sought more details and materials in an antitrust review. The European Commission has already approved the deal.

Despite mounting opposition, an overwhelming majority of US Steel shareholders voted in favour of the deal in April. — Reuters

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