Nippon Steel Confident of Completing U.S. Steel Acquisition

SEATTLE (Scrap Monster): Japanese steelmaker Nippon Steel stated that it is fully confident of successfully completing the planned acquisition of Pittsburgh-based United States Steel Corporation (U.S. Steel), despite opposition raised by a leading labour union and certain U.S. senators.

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It must be noted that the acquisition plan has been opposed by a few Democratic and Republican lawmakers as well as the United Steelworkers union-the primary workers’ union at the leading American steelmaker. In addition, the White House too had mentioned that a “serious scrutiny” of the deal is required, in order to ensure that the deal poses no risks to national security.

President Eiji Hashimoto, while addressing the media, noted that the company has strong belief that the deal acquisition deal could be completed successfully. The deal is unlikely to cause harm to America, as it plans to make investments in line with the country’s economic security strategies.

The planned investment by Nippon Steel coupled with the use of advanced steelmaking technologies would benefit the country. The current labour agreement will be maintained. Nippon Steel had anticipated several hurdles and is confident of overcoming all those, added Hashimoto.