Following the vote of approval by United States Steel Corporation (US Steel) stockholders regarding the proposed acquisition of the company by Japanese steelmaker Nippon Steel Corporation despite the opposition from US President Joe Biden and the United Steelworkers (USW), Nippon Steel has tried to allay concerns stating that it will ensure US Steel remains an American company for generations to come.
In March, Biden had expressed his opposition to Nippon Steel’s planned acquisition of US Steel, stating, “US Steel must remain domestically owned and operated”, as SteelOrbis previously reported.
Nippon Steel stated that the acquisition worth $14.9 billion delivers clear benefit to all US Steel stakeholders, including customers, union and non-union workers, suppliers and the US steel industry. The company confirmed that US Steel’s headquarters will stay in Pittsburgh, its name will be unchanged, and its products will remain mined, melted and made in the US, jobs will be protected and there will be no plant closures. Increased capital investment of at least $1.4 billion in US Steel’s integrated steel mills and access to Nippon Steel’s technologies and R&D advancements will help US Steel produce more advanced and environmentally sustainable steel for domestic customers, Nippon Steel said, adding that this will strengthen the resilience of American industry against threats from China and support the US’s crucial alliance with Japan.