Nippon Steel Sends VP to Washington to Rescue US Steel Bid
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Nippon Steel Corp. has sent a senior executive to Washington to boost its case for the $14.1 billion takeover of United States Steel Corp., according to people familiar with the matter.
Takahiro Mori, the vice president of the Japanese steelmaker, was set to travel for meetings on Sept. 11, the people said, asking not to be identified because the information is private. The Financial Times reported the plans earlier. A Nippon Steel spokesperson declined to comment.
At the same time, the two companies made public correspondence with the United Steelworkers in an effort to show how union leaders snubbed efforts to negotiate an agreement.
The Japanese steelmaker’s bid to acquire its American counterpart is at risk of becoming a victim of politics, with President Joe Biden set to block the merger deal as soon as recommendations from the Committee on Foreign Investment in the United States land on his desk. Vice President Kamala Harris has said that U.S. Steel should remain domestically owned, while Donald Trump, her rival in November’s presidential election, has also criticized the deal.
Today, Nippon Steel has published communications between Nippon Steel and @steelworkers leadership. This correspondence demonstrates that Nippon Steel has been reaching out to engage in good faith with the USW. Read the documents at https://t.co/nYBLqW4JRW. #BestDealForUSSteel — U. S. Steel (@U_S_Steel) September 11, 2024
Nippon Steel has repeatedly emphasized that its merger proposal will benefit both U.S. Steel and the broader American economy and steel industry. The Japanese company had made attempts to alleviate concerns over the deal, saying that it will appoint Americans to the board of U.S. Steel and announcing an additional $1.3 billion in investments at U.S. mills owned by the Pittsburgh-based company.
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