According to sources, Nippon Steel’s executive is making a last-ditch attempt to salvage the company’s acquisition of US Steel by traveling to Washington to meet with US government representatives.
Mori Takahiro, vice chairman of Nippon Steel, wants to persuade decision-makers that the acquisition will benefit the US steel sector rather than endanger national security.
A deal worth roughly fifteen billion dollars was reached by the two companies in December of last year. Nonetheless, the security implications were reviewed by the US Committee on Foreign Investment. According to US media, the committee suggested last week that the agreement be halted due to security concerns.
President Joe Biden is debating whether to proceed with the sale and obstruct it, which might strain relations with Japan. It might also make it difficult to oppose China, which produces almost half of the steel produced worldwide.
Members of the United Steelworkers Union, along with Biden, Vice President Kamala Harris, and former President Donald Trump, have all expressed opposition to the takeover. Pennsylvania, a swing state that is essential to winning the November presidential election, is home to US Steel.
