Nippon Steel Still Pursuing US Steel Purchase Despite Biden Opposition

Japan-based Nippon Steel Corp. indicated in a statement March 15 that it has no plans to cancel its proposed acquisition of U.S. Steel Corp. despite President Joe Biden’s newly announced opposition to the $14.9 billion deal (see 2403140049).

“We are progressing through the regulatory review, including [the Committee on Foreign Investment in the U.S.], while trusting the rule-of-law, objectivity, and due process we expect from the U.S. government,” the statement says. “We are determined to see this through and complete the transaction.”

Biden said March 14 it is “vital” that U.S. Steel, an “iconic" 123-year-old American steelmaker, remain in domestic hands.