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Nippon Steel executive to visit U.S. to meet stakeholders of U.S. Steel deal
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Nippon Steel executive to visit U.S. to meet stakeholders of U.S. Steel deal
May 17, 2024 6:52 PM

May 18, TOKYO (Reuters) -

Japan's Nippon Steel ( NISTF ) said on Saturday its vice

chairman, Takahiro Mori, a key negotiator for its planned

purchase of U.S. Steel, will travel to the United States

next week to meet stakeholders as part of continued efforts to

complete the deal.

A spokesperson for Nippon Steel ( NISTF ) in Tokyo said Mori will

visit the United States to continue dialogues with various

stakeholders of the deal to gain a better understanding. She

declined to give further details such as who Mori will be

meeting with and how long he will stay in the U.S.

U.S. Steel deferred to the Japanese counterpart for

comment.

In December, Nippon Steel ( NISTF ) offered nearly $15 billion to take

over U.S. Steel, drawing resistance from both Democratic

President Joe Biden and Republican former President Donald

Trump, as well as the United Steelworkers (USW) union.

To win support from the USW, Nippon Steel ( NISTF ) has pledged to

move its U.S. headquarters to Pittsburgh, Pennsylvania, where

U.S. Steel is based, offering commitments on job security and

additional investments if the deal goes through.

Bloomberg reported on Friday in the U.S. that Mori will

travel to Pittsburgh next week to meet with local staff and

elected officials, citing people briefed on the matter.

The Japanese steelmaker expects to close the deal in the

second half of 2024, compared with its prior deadline of the

second to third quarter, after the U.S. Department of Justice

sought more details and materials in an antitrust review. The

European Commission has already approved the deal.

Despite mounting opposition, an overwhelming majority of

U.S. Steel shareholders voted in

favor

of the deal in April.

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