Nippon maintains value of USS deal following Biden remarks

The Japanese steelmaker said through increased financial investment and the contribution of advanced technologies to U.S. Steel, Nippon “will advance American priorities.”

One of these includes “strengthening US supply chains and economic defenses against China.”

“No other US steel company on its own can meet this challenge while also meeting antitrust requirements,” Nippon claimed.

The company reiterated its commitment to “job security, pension security, capital investment, technology sharing, financial reporting, and the ability to enforce contractual obligations post-closing.”

Recall that the United Steelworkers (USW) union has opposed the deal, first announced in December.
   
“Nippon Steel is the right partner to ensure that U.S. Steel is successful for generations to come as an iconic American company,” the company said.

“We are progressing through the regulatory review, including CFIUS, while trusting the rule of law, objectivity, and due process we expect from the US government,” Nippon added.

“CFIUS” is the Committee on Foreign Investment in the US review process.

Concluding, Nippon said it was determined “to see this through and complete the transaction.”