Nippon Steel remains eager to work with the incoming Trump administration to finalize its $14.9 billion takeover of U.S. Steel. This move follows a legal challenge after President Biden blocked the deal. According to Takahiro Mori, Nippon Steel’s vice chairman, the company and U.S. Steel are determined to close the transaction, citing a strong case.
Mori’s comments came in an opinion piece where he expressed confidence in the lawsuits filed against President Biden’s decision. The U.S. president had ordered the two companies to unwind the transaction within 30 days, claiming national security concerns. The legal enforcement of this order is postponed until June. The companies argue that the decision violates constitutional rights, as it deprives them of due process.
Nippon Steel and U.S. Steel insist that their deal does not pose a national security threat. They highlight that major allied companies should be treated as partners rather than political pawns. “We want to invest in U.S. Steel, grow it, and benefit American workers, customers, and national security,” Mori affirmed. This statement shows Nippon Steel’s commitment to creating jobs and supporting U.S. industry, despite political roadblocks.
Cleveland-Cliffs, a rival bidder, is preparing a new all-cash offer in collaboration with Nucor. This comes after their previous bid was rejected. However, Nippon Steel remains undeterred and is exploring future opportunities with the new U.S. administration.
The legal battle and Mori’s comments underline the importance of international partnerships. Japan, a close U.S. ally, sees the takeover as a step towards strengthening economic ties. Both companies are committed to resolving the matter in court. Despite challenges, they remain optimistic about their chances.
Nippon Steel continues to seek a path forward with U.S. Steel. They aim to overcome current obstacles with the support of the incoming administration.