The company is not exploring alternative options and is actively involved in negotiations with the United Steelworkers union for the acquisition, Tadashi Imai, the recently assigned president of the Tokyo-based company, stated at a press conference.
Imai emphasized Nippon Steel's capabilities to produce high-quality electrical steel plates specifically for automobiles, noting that these products are not currently offered by any US steelmaker. He stressed that this technology will be accessible to U.S. Steel post-acquisition, noting that Nippon Steel holds more than 2,000 patents in North America, significantly outpacing other American steelmakers.
Imai's comments come at a time when President Joe Biden's position on domestic ownership and operation of U.S. Steel is surrounded by uncertainty. Biden's alignment with the union ahead of the upcoming presidential election could complicate relations with Japan.
As Biden prepares to meet with Japanese Prime Minister Fumio Kishida at a summit in Washington on April 10, U.S. Steel's shareholders will meet two days later to discuss the Japanese proposal.
Comments
No comment yet.