Nippon Steel (OTC:NISTF) executives have traveled to Pennsylvania to garner support for their $15 billion acquisition bid for U.S. Steel (NYSE:X). The Japanese steel giant is encountering political resistance in Washington.
Despite these political challenges, Nippon Steel is seeking regulatory approval post-election. Mori is scheduled to meet with government officials in Washington later this week.
Mori is also engaging with U.S. Steel workers this week, particularly those in the United Steelworkers union. Some union members have expressed support for the deal, differing from USW president David McCall, who opposes Nippon’s ownership.
Nippon Steel has committed to investing nearly $3 billion in U.S. facilities. The Committee on Foreign Investment in the U.S. has granted Nippon a 90-day extension to address national security concerns, with a final decision anticipated by the end of the year.
The deal is seen as a potential boost for the U.S. economy by creating jobs and increasing competitiveness against China’s steel industry. However, the United Steelworkers union opposes the deal, citing job security concerns for its members.
In October, U.S. Steel reported better-than-expected third-quarter results, with earnings of 56 cents per share, surpassing analyst expectations. The company expressed its intention to close the deal with Nippon Steel by the end of the year.
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