The president of Nippon Steel said he is seeing support in Rust Belt communities for the Japanese company’s proposed $15 billion takeover of US Steel — a deal opposed by both President Joe Biden and President-elect Donald Trump.
“In the communities of the various regions where the steel mills are located, there is a considerable amount of support for this acquisition,” Imai was quoted as saying by the Reuters news agency.
Also Wednesday, Nippon Steel shared a letter to Biden dated Dec. 23 and signed by two dozen US municipality officials in areas where US Steel mills are located, asking the president to approve the takeover deal.
US Steel has warned that a failure to merge with Nippon Steel would put thousands of union jobs at risk and signaled that it would close some steel mills and potentially move its headquarters out of politically important Pennsylvania.
USW said in a separate statement that it met Nippon Steel officials twice last week.
The Japanese company’s proposed $15 billion takeover of US Steel, which both President Joe Biden and President-elect Donald Trump oppose, is receiving support in Rust Belt communities, according to the president of Nippon Steel.
According to Tadashi Imai, who spoke to reporters on Wednesday, his company has tried to reassure those who think that the proposed acquisition of the Pittsburgh-based steel giant would be dangerous for national security.
The Reuters news agency cited Imai as saying, “There is a considerable amount of support for this acquisition in the communities of the various regions where the steel mills are located.”.
The importance of this acquisition to the US economy is something I hope President Biden will recognize. “.”.
Imai’s remarks came after the Committee on Foreign Investment in the United States (CFIUS) rendered a decision on Monday, directing Biden to make a decision within 15 days regarding whether to approve or block the deal.
Trump has already stated that he is against the purchase.
Nippon Steel also shared a letter to Biden on Wednesday, dated December. 23 and signed by two dozen US municipal officials in regions where US Steel mills are situated, requesting the president’s approval of the takeover agreement.
According to the letter, “We respectfully urge you to listen to the voices of the steelworkers and everyone else whose economic security is tied to US Steel — they are speaking loudly and in unison that this deal must be approved.”.
In addition to indicating that it would close some steel mills and possibly relocate its headquarters outside of politically significant Pennsylvania, US Steel has threatened to eliminate thousands of union jobs if it fails to merge with Nippon Steel.
“By securing the future of steelmaking in Pennsylvania, Indiana, and our other locations, Nippon Steel has pledged to maintain US Steel as a US company with its headquarters in Pennsylvania and to invest billions of dollars in our mills and communities,” a US Steel spokesperson told The Post on Wednesday.
“This cannot be done by any other party, and US Steel will not, nor does it have the resources, do this on our own. We remain dedicated to collaborating with all pertinent parties to complete the transaction, and we look forward to doing so. “”.
The Trump transition team and the White House have been contacted by The Post for comment.
According to Nippon, in an effort to allay national security concerns, it intends to appoint US citizens to senior management and board of director roles at US Steel as part of its acquisition.
In the past, both businesses have stated that they intend to complete the transaction before the end of 2024, despite resistance from the influential United Steelworkers labor union (USW).
USW met with officials from Nippon Steel twice last week, according to a separate statement.
It reiterated its opinion that the Japanese steelmaker doesn’t care about the long-term safety of US steel facilities or blast furnace operations, and it urged Biden to keep the business owned and run domestically.
Nippon Steel previously stated that it would not use the agreement as an excuse to import steel and made a number of promises to preserve jobs and invest in the United States in order to gain support for the acquisition. S. . It views these facilities as essential to its future expansion.
utilizing post-wires.
