Nippon Steel's vice chairman expresses confidence in their legal case against Biden's intervention and emphasizes the potential benefits of the acquisition for American workers and national security. The company also signals a willingness to work with the incoming Trump administration.
Nippon Steel remains determined to acquire US Steel, despite President Joe Biden 's intervention to block the $14.9 billion deal. In a Wall Street Journal op-ed, Takahiro Mori, Nippon Steel 's vice chairman, highlighted the company's unwavering commitment to closing the transaction and expressed optimism about their legal case. Mori emphasized that Nippon Steel considers the US one of its closest allies and believes the acquisition poses no threat to national security .
He argued that the deal would benefit American workers, customers, and national security. Mori further stated that Nippon Steel is open to collaborating with the incoming Trump administration to realize the merger and bolster American industry. The company's legal challenge follows President Biden's order, which gave the parties 30 days to unwind the deal. This deadline was subsequently postponed until June after Nippon Steel and US Steel filed lawsuits against the president, alleging a violation of their due process rights. Mori acknowledged the seriousness of the legal action but asserted that major companies from allied nations should be treated as partners rather than political pawns in the US. He voiced concerns that Biden's intervention could discourage foreign investment in America.Meanwhile, Cleveland-Cliffs, which had an earlier bid for US Steel rejected, is reportedly joining forces with Nucor to prepare a potential all-cash offer for the company. This development adds another layer of complexity to the ongoing battle for control of US Steel
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