Nippon Steel Executive Confirms Continued Pursuit of Full US Steel Takeover
Nippon Steel ( OTCPK:NPSCY ) ( OTCPK:NISTF ) remains dedicated to obtaining complete ownership of US Steel ( NYSE: X Vice Chairman Takahiro Mori informed Reuters on Tuesday, mentioning that the firm aims to arrange a discussion with U.S. Treasury Secretary Bessent to better understand President Trump’s position regarding the deal.
The companies face a May 21 deadline for the completion of a renewed national security review by the Committee on Foreign Investment in the U.S. of the proposed $15B merger.
Mori stated, "Our commitment to proceed with a complete buyout has not wavered," and added, "this agreement will strengthen both US Steel and the nation as a whole."
But "there is no free technology," Mori said, with only full ownership allowing Nippon Steel ( OTCPK:NPSCY ) ( OTCPK:NISTF ) to share its main technology and bolster US Steel NYSE: X ), not as part of a joint venture.
Reuters reported earlier this week that Nippon Steel OTCPK:NPSCY ) ( OTCPK:NISTF ) plans to invest $14B in US Steel's ( X ) operations, including as much as $4 billion for a new facility, should the Trump administration approve its application.
Mori chose not to provide specifics about the CFIUS discussions, however, they stated that any rise in investments would be connected with greater profits and wouldn’t put financial pressure on the business.
More on US Steel
- U.S. Steel: The Optimists Still See Significant Gains Ahead
- U.S. Steel: Nippon May Have Cause to Withdraw Its Offer Following Trump’s Actions
- A Fresh Start for U.S. Steel: Expansion, Hazards, and Evaluation
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