Tags: nippon | u.s. steel | deal

Nippon Steel Exec Flies to DC to Save US Steel Deal

Nippon Steel Exec Flies to DC to Save US Steel Deal
U.S. Steel employees rally outside the United Steel Tower in Pittsburgh to display their support for the transaction with Nippon Steel, Sept. 4, 2024. (Gene J. Puskar/AP)

Tuesday, 10 September 2024 01:20 PM EDT

Japanese steelmaker Nippon Steel's vice-chair will meet senior U.S. officials in Washington Wednesday in an attempt to save its proposed $14.9 billion takeover of U.S. Steel, the Financial Times reported Tuesday.

Nippon's Takahiro Mori will meet several deputy cabinet secretaries involved with the Committee on Foreign Investment in the U.S. (CFIUS), the FT reported, citing people familiar with the situation.

Nippon, the White House and the U.S. Treasury Department did not immediately respond to Reuters' requests for comment.

CFIUS has told Nippon and U.S. Steel that the merger, which has faced opposition from Republican and Democratic lawmakers, would create national security risks as it could hurt the supply of steel needed for critical transportation, construction and agriculture projects.

Vice President and Democratic presidential candidate Kamala Harris has said she wants U.S. Steel to remain "American-owned and operated."

Her Republican rival Donald Trump has pledged to block the deal if elected.

© 2024 Thomson/Reuters. All rights reserved.


StreetTalk
Japanese steelmaker Nippon Steel's vice-chair will meet senior U.S. officials in Washington Wednesday in an attempt to save its proposed $14.9 billion takeover of U.S. Steel, the Financial Times reported Tuesday.
nippon, u.s. steel, deal
150
2024-20-10
Tuesday, 10 September 2024 01:20 PM
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