[Alpha Biz= Reporter Kim Jisun] Nippon Steel has expressed confidence that its acquisition of U.S. Steel, opposed by U.S. President-elect Donald Trump, will be completed by the end of this year. Takahiro Mori, Vice President of Nippon Steel, shared at a press conference on the 7th that the post-election environment in the U.S. allows for a more level-headed discussion on the acquisition, stating, “Unless something significant arises, we will undoubtedly complete it.”
Mori clarified that the review process for the acquisition is currently being conducted under the Biden administration, emphasizing that the review is impartial and devoid of political bias.
Nippon Steel aims to acquire U.S. Steel, an emblem of American industrialization, in a deal valued at $14.9 billion (approximately 19.9 trillion won). Despite resistance from both President Biden and President-elect Trump, Nippon Steel has faced obstacles in progressing with the acquisition.
The Japanese company resubmitted the acquisition for review by the Committee on Foreign Investment in the United States (CFIUS), which extended its review period by 90 days from its initial deadline in September. CFIUS, responsible for assessing the national security impact of foreign investments in U.S. companies, could require adjustments or recommend that the president block the transaction if security concerns are identified. A decision from CFIUS is anticipated by the end of this year.
알파경제 Kim Jisun (stockmk2020@alphabiz.co.kr)
