Nippon Steel Hired Former U.S. State Secretary as Adviser on U.S. Steel Acquisition
It added that Pompeo is a well-respected figure among both Democrats and Republicans.
SEATTLE (Scrap Monster): Japanese steelmaker Nippon Steel Corporation announced that it has hired Mike Pompeo, the former U.S. Secretary of State, as an adviser to help the company with the proposed acquisition of Pittsburgh-based United States Steel Corporation (U.S. Steel).
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In a statement issued yesterday, Nippon Steel noted that it looks forward to work with Pompeo to further emphasize the ways in which the planned acquisition will boost the country’s economic and national security. As per the statement, Pompeo has not been offered any specific job title within the company. It added that Pompeo is a well-respected figure among both Democrats and Republicans.
Pompeo has been hired as an adviser to the deal, said Bloomberg report. It must be noted that the Republican and Democratic nominees for presidential race have stated that they would block the acquisition deal, if voted to power.
Nippon Steel and U.S. Steel have received all the necessary regulatory approvals outside of the U.S. for the proposed merger. However, it faces political as well as regulatory hurdles within the U.S. Also, the United Steelworkers (USW) union has also raised opposition to the deal. Earlier this week, Nippon Steel’s chief negotiator on the deal had visited U.S. Steel facilities and met stakeholders and employees to garner their support.