Nippon Steel not to import from overseas mills in bid to save U.S. Steel deal
Nov 18 (Reuters) -Nippon Steel 5401.T will not import steel to the U.S. from its international mills, the Japanese company's Executive Vice President Takahiro Mori said on Monday in a letter to United Steelworkers union members.
Nippon is looking to close its $14.9 billion deal for U.S. Steel X.N by the end of the year before President-elect Donald Trump, who has pledged to block the deal during his campaign, enters the White House in January.
In its effort to ease the challenges posed by the union and President Joe Biden, the company has pledged investments to US Steel and assured job security to the United Steelworkers union.
It has also promised to sell a stake in a U.S. steel plant joint venture if the company succeeds in the buyout.
In his letter, Mori reiterated the promises made over the past year and addressed concerns raised by union leaders, including USW President David McCall.
"We are here to inform you, not to negotiate as President McCall has suggested. I have asked President McCall to meet, most recently on November 11. I await his response," Mori said.
In September, an arbitration board jointly selected by the company and the USW, ruled infavor of the deal, but the union disagreed with the decision.
Mori, who is scheduled for a U.S. visit next week, will meet steelworkers in Pittsburgh and also visit New York and Washington.
The Japanese steel company is making efforts to finalize the deal, as the Committee on Foreign Investment in the United States has extended its review until the end of December.
Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Mohammed Safi Shamsi and Arun Koyyur
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
