The Japanese firm has agreed to buy U.S. Steel for roughly $15 billion but the deal faces an uphill battle to approval in a U.S. election year
Nippon Steel intends to pursue its proposed acquisition of U.S. Steel and wants its “deep roots” in the United States to be recognized, its new president said – remarks that come after U.S. President Joe Biden expressed opposition to the deal.
“I am convinced that we’re the most useful partner to help U.S. Steel grow in the United States,” he added. Japan’s largest steel maker has pledged no job cuts as a result of the deal, to honour all agreements between the union and U.S. Steel as well as to move its own U.S. headquarters to Pittsburgh where U.S. Steel is based.
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