Nippon Steel defends U.S. Steel purchase after Biden opposes Japanese takeover
Japanese steelmaker Nippon Steel defended its proposed acquisition of U.S. Steel on Friday, a day after President Joe Biden came out against the deal.
TOKYO — Japan’s largest steelmaker defended its proposed acquisition of U.S. Steel on Friday as a way to strengthen “American supply chains and economic defenses against China,” a day after President Joe Biden came out against the deal.
Nippon Steel said it was determined to complete the $14 billion takeover agreed to in December, which has raised concerns about the implications for union workers, supply chains and U.S. national security.
“Through increased financial investment and the contribution of our advanced technologies to U.S. Steel, Nippon Steel will advance American priorities by driving greater quality and competitiveness for customers in the critical industries that rely on American steel while strengthening American supply chains and economic defenses against China,” the Tokyo-based company said in a statement.
“No other U.S. steel company on its own can meet this challenge while also meeting antitrust requirements,” it added.
The company said that under its proposal, there would be no layoffs or plant closures as a result of the transaction.
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