Nippon Steel stated that its planned acquisition of U.S. Steel will benefit the U.S., countering recent opposition from U.S. Vice President Kamala Harris. The company is confident that the acquisition will revitalize the American steel industry, support workers, and enhance national security. Nippon Steel expects that a fair regulatory review will validate these benefits and aims to complete the transaction by year-end.
The Japanese firm plans to invest approximately USD 1.3 bln in U.S. Steel post-acquisition, emphasizing that only it can make such a significant investment. This move is strongly opposed by the United Steelworkers (USW) union and by both presidential candidates, Kamala Harris and Donald Trump, who are competing for support from blue-collar workers in key states like Pennsylvania.
In response, Nippon Steel has hired former U.S. Secretary of State Mike Pompeo as an adviser to help build support for the deal. Nippon Steel Vice Chairman Takahiro Mori emphasized the company’s commitment to engaging with influential U.S. figures to facilitate understanding and approval of the acquisition.
