US Secretary of Commerce:
"Deal with Nippon Steel Expected to Be Finalized"
Howard Lutnick, the U.S. Secretary of Commerce, stated on June 5 (local time) that he has advised President Donald Trump that the acquisition of US Steel by Nippon Steel could be approved if measures are secured to alleviate national security concerns.
According to Japanese media outlets such as the Yomiuri Shimbun and the Nihon Keizai Shimbun (Nikkei), Secretary Lutnick made these remarks during a House congressional hearing on the same day. He expressed his personal view, saying, "The deal with Nippon Steel will ultimately reach a final agreement."
When asked whether Nippon Steel's investment in US Steel would lead to job retention, he responded, "President Trump is aware of the concerns of the labor unions," and added, "Union members will be very satisfied with the outcome."
Secretary Lutnick is one of the members of the Committee on Foreign Investment in the United States (CFIUS), which reviewed this acquisition plan. This committee re-examined the previous administration's decision to block the acquisition at the direction of President Trump.
President Trump stated during a large-scale rally held at the US Steel plant on May 30 that Nippon Steel would be making an "investment" rather than an "acquisition," and that a final agreement had not yet been reached.
Kyodo News reported that President Trump is expected to reach a conclusion before June 18, rather than on June 5, which was previously known as the deadline for a final decision.
In relation to this, a representative from Nippon Steel told Kyodo News, "We are just waiting for President Trump's decision."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
