The European Commission did not reject Nippon Steel's move to acquire US Steel for $14.1 billion in cash and gave its approval. The controversy, which started due to the companies' failure to contact the United Steelworkers union, continued with the union's opposition to the purchase decision.
US President Joe Biden also supported the decision of the union and the union, emphasising that US Steel should be acquired by an American company. In this tense environment, the agreement approved by the European Commission proves that it does not create competition concerns in Europe.
Nancy McLernon, president and CEO of the Global Business Alliance: "Japan is a strategic ally and the largest foreign investor in the United States, directly employing nearly one million American workers. I hope the Administration keeps these facts in mind as it prepares for next month's state visit."
The companies also share a commitment to decarbonise by 2050 for a sustainable world. Nippon Steel has pledged that no jobs will be lost as a result of the acquisition, will retain the US Steel name and brand, and will retain its Pittsburgh headquarters, which supports 1,000 roles in corporate, research, commercial, information technology and finance.
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