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Last-ditch effort to save Nippon Steel’s US Steel takeover

Nippon Steel Vice President Takahiro Mori is heading to Washington today to meet with senior US officials in a last-ditch effort to save the $15 billion US Steel takeover.

The visit comes as the deal faces opposition from President Joe Biden and Vice President Kamala Harris, who have expressed concerns about national security. The deal has become a major election issue in the US, with Harris and Trump seeking to win the crucial state of Pennsylvania and the Republican candidate indicating that he will block the deal upon his return to the White House.

While some US experts and officials believe the takeover does not pose a threat to national security, the Biden administration is sticking to its guns.

A few days ago, Nippon Steel, Japan’s largest steelmaker, which is seeking to acquire US Steel, said that if the takeover goes ahead, the core senior management as well as the majority of the US company’s board of directors will be US citizens.

To gain support Politicians and labor unions, Nippon Steel hired former U.S. Secretary of State Mike Pompeo as an adviser, and last week unveiled a plan to invest an additional $1.3 billion in U.S. Steel plants.

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