U.S. Steel Takeover Has Clear Benefits for Company, U.S. National Security, Nippon Steel Says
By Kosaku Narioka
Nippon Steel said its plan to acquire United States Steel has clear benefits to the U.S. steelmaker and union workers as well as to U.S. national security.
The Japanese steelmaker made a statement Friday after U.S. President Biden signaled his opposition to the deal.
Nippon Steel said the transaction would advance U.S. competitiveness by supplying high-quality products and services to customers in critical industries and strengthen U.S. supply chains and economic defenses against China.
"Nippon Steel is the right partner to ensure that U.S. Steel is successful for generations to come as an iconic American company," the Japanese company said in a statement, adding it is progressing through regulatory reviews and is determined to complete the transaction.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
March 14, 2024 23:34 ET (03:34 GMT)
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