Nippon Steel reiterates US Steel takeover plans
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The news: Nippon Steel will stick to its plans to take over US Steel despite the deal being blocked by former US President Biden and rejected by President Trump.
The numbers: Nippon Steel President Tadashi Imai said that the company will begin talks with the US Commerce Department to revive its USD14.1 billion ($22.57 billion) bid for US Steel.
The context: In the company’s first remarks since Trump said Nippon Steel was considering an investment rather than an outright purchase, Imai reiterated the company’s objective to pursue a full takeover of the iconic US steelmaker.
“The starting point for our discussions with the US government will be this merger agreement,” Imai said in Tokyo. “From there, we will discuss with the US administration on how we can get President Trump to approve of the deal.”
After meeting with Japanese President Shigeru Ishiba earlier this month, Trump said he "wouldn't mind" the company taking out a minority stake in US Steel.
In January, US Steel and Nippon Steel sued then-President Joe Biden, after he blocked the proposed merger, alleging his decision violated constitutional rights and was politically motivated to secure union support in Pennsylvania ahead of the 2024 election. The companies claimed Biden influenced the Committee on Foreign Investment in the US (CFIUS) to prevent a fair review and dismissed their proposed national security commitments.
