Nippon Steel Sticks With US Steel Takeover, Not Investment
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Nippon Steel Corp. reiterated its objective for the $14.1 billion takeover of United States Steel Corp. after President Donald Trump said the Japanese company was considering an investment instead.
The comments from Nippon Steel President Tadashi Imai on Feb. 25 are the first from an executive of the company since Trump said the steelmaker was considering an investment rather than an outright purchase. He made the remarks this month at a press conference with Japan’s prime minister.
“The starting point for our discussions with the U.S. government will be this merger agreement,” Imai said in Tokyo. “From there, we will discuss with the U.S. administration on how we can get President Trump to approve of the deal.”
Nippon Steel spent much of 2024 trying to gain approval for its planned takeover of U.S. Steel, facing regulatory and political hurdles. Former President Joe Biden blocked the deal in January before leaving office, citing national security issues, while Trump has also been against an outright purchase.
Japanese Trade Minister Yoji Muto is expected to visit the U.S. in March, and may possibly discuss the U.S. Steel deal with American officials, according to a report from local newspaper Asahi.
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