Posted on 19 Apr 2024
Responding to recent comments by United States President Joe Biden, Japan-based Nippon Steel Corp. (NSC) has issued a statement saying, “The partnership between U. S. Steel and Nippon Steel is the right combination to ensure that U. S. Steel remains an iconic American company for generations to come.”
According to NSC, its acquisition of Pittsburgh-based U.S. Steel “delivers clear benefits to all of U. S. Steel’s stakeholders, including customers, union and non-union workers, suppliers, communities and stockholders, as well as to the broader American steel industry, and the United States as a whole.”
Shareholders of U.S. Steel largely expressed their agreement with NSC’s statement, with the vast majority of U.S. Steel stock owners who voted recently agreeing to the terms of the transaction.
However, politicians beyond President Biden—including his opponent Donald J. Trump—have expressed opposition to the deal. The United Steelworkers (USW) union also has opposed the takeover, instead favoring the competing bid from Cleveland-Cliffs.
NSC, in its April 18 statement, shows no sign of being dissuaded from its acquisition attempt.
The company says, “U. S. Steel will remain an American company and its headquarters will stay in Pittsburgh, its iconic name will be unchanged, and its products will remain mined, melted and made in America.”
Adds the company, “Jobs will be protected. There will be no plant closures, and production and jobs will remain in America. Our goal is for Pennsylvania to succeed alongside us, and we look forward to investing in its communities and research institutions.”
Source:Recycling Today
