Nippon Steel Corp. has reiterated its commitment to acquiring United States Steel Corp. for $14.1 billion, despite recent comments from President Donald Trump suggesting the Japanese company was considering an alternative investment, Bloomberg reports.
Nippon Steel President Tadashi Imai addressed the situation on Tuesday, marking the first public statement from a company executive since Trump’s remarks earlier this month. Trump had indicated that Nippon Steel might be exploring an investment in US Steel rather than a full takeover, made during a press conference with Japan’s Prime Minister.
“The starting point for our discussions with the US government will be this merger agreement,” Imai stated in Tokyo. “From there, we will discuss with the US administration on how we can get President Trump to approve of the deal.”
Nippon Steel has spent the majority of 2024 navigating regulatory and political hurdles in its pursuit of US Steel. Former President Joe Biden blocked the deal in January before leaving office, citing national security concerns. Trump has also voiced opposition to an outright purchase.
The planned acquisition has faced significant scrutiny in the US, raising concerns about the potential impact on domestic jobs and national security.
Japanese Trade Minister Yoji Muto is reportedly planning a visit to the US in March, where the US Steel deal may be discussed with American officials, according to a report in the Asahi newspaper.
