😎 Summer Sale Exclusive - Up to 50% off AI-powered stock picks by InvestingProCLAIM SALE

Nippon Steel executive to visit U.S. to meet stakeholders of U.S. Steel deal

Published 05/17/2024, 09:16 PM
Updated 05/17/2024, 10:05 PM
© Reuters. FILE PHOTO: Nippon Steel logo is displayed at the company's headquarters in Tokyo, Japan April 1, 2024.  REUTERS/Issei Kato/File Photo
USSX34
-

By Urvi Dugar, Akanksha Khushi and Yuka Obayashi

, TOKYO (Reuters) -Japan's Nippon Steel said on Saturday its vice chairman, Takahiro Mori, a key negotiator for its planned purchase of U.S. Steel, will travel to the United States next week to meet stakeholders as part of continued efforts to complete the deal.

A spokesperson for Nippon Steel in Tokyo said Mori will visit the United States to continue dialogues with various stakeholders of the deal to gain a better understanding. She declined to give further details such as who Mori will be meeting with and how long he will stay in the U.S.

U.S. Steel deferred to the Japanese counterpart for comment.

In December, Nippon Steel offered nearly $15 billion to take over U.S. Steel, drawing resistance from both Democratic President Joe Biden and Republican former President Donald Trump, as well as the United Steelworkers (USW) union.

To win support from the USW, Nippon Steel has pledged to move its U.S. headquarters to Pittsburgh, Pennsylvania, where U.S. Steel is based, offering commitments on job security and additional investments if the deal goes through.

Bloomberg reported on Friday in the U.S. that Mori will travel to Pittsburgh next week to meet with local staff and elected officials, citing people briefed on the matter.

© Reuters. FILE PHOTO: Nippon Steel logo is displayed at the company's headquarters in Tokyo, Japan April 1, 2024.  REUTERS/Issei Kato/File Photo

The Japanese steelmaker expects to close the deal in the second half of 2024, compared with its prior deadline of the second to third quarter, after the U.S. Department of Justice sought more details and materials in an antitrust review. The European Commission has already approved the deal.

Despite mounting opposition, an overwhelming majority of U.S. Steel shareholders voted in favor of the deal in April.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.