Nippon Steel wants to work with the Trump administration on a deal with US Steel, Mori told WSJ By Reuters
TOKYO (Reuters) – Japan’s Nippon Steel remains interested in working with the new Donald Trump administration to try to seal a takeover of U.S. Steel, Vice Chairman Takahiro Mori said in a Wall Street Journal article.
Last week, Nippon Steel and US Steel filed two lawsuits after US President Joe Biden blocked a $14.9 billion buyout of the US steelmaker by a Japanese company. President-elect Donald Trump takes office on Monday.
Implementation of Biden’s order, which gave the parties 30 days to unwind the transaction, was delayed until June after the companies sued the US president, alleging he violated the constitution by denying them due process when he blocked the deal.
“Nippon Steel and US Steel will do whatever is necessary to close this transaction,” Mori said in the WSJ article. “We believe our case is strong and look forward to our day in court.”
Cleveland-Cliffs (NYSE: ), whose previous bid for US Steel was rejected by its board of directors, is partnering with other companies Nucor (NYSE: ) to again prepare a potential all-cash offer for the company, a source told Reuters this week.
“We remain interested in exploring possible partnerships with the new administration to invest and grow US Steel to benefit American workers, customers and national security,” said Mori, Nippon Steel’s key negotiator on the deal.
The decision to press charges was not taken lightly, Mori said, reiterating that Japan is one of the US’s closest allies and that the company does not believe there are national security concerns about the takeover.
“Big companies in allied countries want to invest in the US and hire Americans. Now they are wondering if they will be treated as partners or political pawns,” Mori said.
