X - Nippon Steel's Chair Hopes For 'Calmer Discussion' After 2024 Election As $14.9B US Steel Deal Faces Political Resistance | Benzinga
In the face of political opposition and union apprehensions, Nippon Steel remains resolute in its $14.9 billion acquisition of US Steel (NYSE:X).
What Happened: During the company’s annual results announcement, Chair Takahiro Mori acknowledged the political controversy surrounding the deal but confirmed that no additional concessions to the steelworkers’ unions are currently in the pipeline, Financial Times reported on Thursday. The company reassured that the merger would not lead to job losses or plant shutdowns.
"It is hard to imagine it becoming more politicized, and since it will not be political beyond the presidential election, I think there is a possibility of a calmer discussion once the political leverage of the USW [United Steelworkers Union] is gone. So my determination to close [the deal] as soon as possible has not changed," Mori said.
While the European Union has already approved the deal earlier this week, U.S. lawmakers have ramped up their antitrust scrutiny, which, according to Nippon ...