Symbol of US Industrialization... $14.9 Billion Acquisition Underway
U.S. President Joe Biden is reportedly set to make the final decision on Nippon Steel's acquisition of US Steel, with Nippon Steel expressing optimism that the deal will be approved once President Biden understands its fundamental value.
According to the Nihon Keizai Shimbun (Nikkei) on the 25th, Nippon Steel President Tadashi Imai told reporters in Tokyo that "We have promised various countermeasures regarding security concerns, and it feels like there is considerable support from the local communities where the steel plants are located," expressing this view.
He said, "This acquisition will strengthen US Steel and preserve jobs, linking to the strengthening of the U.S. steel industry, manufacturing, and ultimately national security," showing confidence in the realization of the acquisition, Nikkei reported.
The Committee on Foreign Investment in the United States (CFIUS), under the U.S. Treasury Department, which has been reviewing Nippon Steel's acquisition of US Steel, failed to reach a consensus within the committee and decided to refer the matter to the White House. President Biden is expected to make the final decision on the acquisition within 15 days.
Previously, President Biden, like then-President-elect Donald Trump, expressed opposition to Nippon Steel's acquisition of US Steel. US Steel is regarded as a symbol of American industrialization. Nippon Steel has been pursuing a plan to acquire US Steel for $14.9 billion (approximately 20.8 trillion won).
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