Nippon Steel Renews Call for Understanding on U.S. Steel Deal

Tokyo, Dec. 3 (Jiji Press)--Nippon Steel Corp. on Tuesday renewed its call for understanding for its plan to acquire United States Steel Corp., after U.S. President-elect Donald Trump reiterated his strong opposition to the deal.

Nippon Steel said in a statement that the deal will support and grow U.S. Steel, make U.S. industry and U.S. supply chains resilient and strengthen U.S. national security.

The Japanese company also said it remains committed to making more than 2.7 billion dollars in investment in U.S. Steel, providing it with technology and maintaining jobs.

In a post on his Truth Social platform on Monday, Trump said, "I will block this deal from happening." The comments mean that Trump will likely reject the deal regardless of what conclusion is reached by the Committee on Foreign Investment in the United States, which reviews the transaction.

While saying that he will refrain from commenting on individual corporate matters, Japanese Foreign Minister Takeshi Iwaya said at a press conference on Tuesday, "Both Japan and the United States need to expand mutual investment opportunities and further strengthen economic relations."

[Copyright The Jiji Press, Ltd.]