Posted on 15 Mar 2024
Nippon Steel Corp. underscored its resolve Friday to complete its planned buyout of United States Steel Corp., in response to a statement opposing the deal issued by U.S. President Joe Biden.
"Nippon Steel is the right partner to ensure that U.S. Steel is successful for generations to come as an iconic American company," the Japanese company said in a statement.
"We are progressing through the regulatory review..., while trusting the rule-of-law, objectivity, and due process we expect from the U.S. government," the statement said. "We are determined to see this through and complete the transaction."
Through increased investment and the contribution of advanced technologies to U.S. Steel, Nippon Steel "will advance American priorities by driving greater quality and competitiveness for customers in the critical industries that rely on American steel while strengthening American supply chains and economic defenses against China," the statement also said.
On Thursday, Biden said in his statement that it is vital for U.S. Steel to "remain an American steel company that is domestically owned and operated."
Source:nippon.com
