Undeterred by Numerous Obstacles! New President of Nippon Steel Committed to Acquiring U.S. Steel, Emphasizing Growth Potential After Merger

Nippon Steel (NPSCY.US) will continue to advance its approximately $15 billion acquisition plan for U.S. Steel (X.US), despite President Biden’s call for keeping U.S. Steel under American ownership. Nippon Steel remains confident in the deal’s potential to promote U.S. Steel’s growth.

Tadashi Imai, the new president of the Japanese steel manufacturer, emphasized the company’s deep roots in the United States, noting its ownership of over 2,000 patents in North America. U.S. Steel is expected to gain more advanced technology through the acquisition.

Imai stated, “No company in the United States can produce the high-end automotive electrical steel sheets that we manufacture in our Japanese steel plants. Upon completion of the acquisition, U.S. Steel will obtain this technology. We hold over 2,000 patents in North America alone, far more than any other American steel manufacturer.”

“We can do a lot to enhance the strength of U.S. Steel,” Imai said. “I believe we are the most useful partner to help U.S. Steel grow in America.”

Regarding potential job losses, Nippon Steel previously promised not to lay off employees or close plants, and to maintain production in the United States.

Imai mentioned that Nippon Steel is continuously negotiating with the United Steelworkers Union on investment plans and enhancing U.S. Steel’s competitiveness to gain their support for the acquisition.

Nippon Steel has faced considerable criticism for this transaction. With the U.S. presidential election approaching, the deal has become even more significant. Imai’s remarks come at a delicate time for the transaction, as Biden insists that U.S. Steel should be “owned and operated by our own country,” casting a shadow over the prospects of this merger. Moreover, Republican nominee Trump has vowed to stop the deal.

Biden is set to meet with Japanese Prime Minister Fumio Kishida at a summit in Washington on April 10. Two days later, U.S. Steel’s shareholders will gather to discuss the Japanese bid.

[Source- 上海有色网] 无惧阻力重重!新日铁新总裁仍致力于收购美国钢铁 强调合并后增长潜力

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