Steel Mills

Report: Nippon Steel sees clear skies ahead for USS deal

Written by Ethan Bernard

January 8, 2024

Nippon Steel believes it can successfully complete its planned buy of U.S. Steel, according to a report in Reuters.

“I believe we can successfully complete the planned acquisition,” Nippon Steel President Eiji Hashimoto said on the sideline of the Japan Iron and Steel Federation’s New Year’s party last Friday, according to the Reuters report.

“The deal poses no harm to America … as we will make investment in line with the economic security strategies of the United States and other Western nations,” Hashimoto added.

He also noted that the current labor pact with the United Steel Workers (USW) union would be upheld.

This comes amid the protests of some US politicians, as well as the White House, saying the deal needs “serious scrutiny.” Additionally, the USW said it wasn’t sold on the deal after meeting with Nippon Steel. Cleveland-Cliffs was its preferred buyer.

Ethan Bernard

Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA. in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.

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