Japan’s largest steelmaker Nippon Steel is sticking to its plan to strike a deal to buy US Steel by the end of the year, which it expects will boost production and profits, the company said Thursday, despite resistance against the transaction in the US.
In December, Nippon Steel offered nearly $15 billion to acquire the iconic US Steel, drawing resistance from both President Joe Biden and Donald Trump, his likely challenger in the November 5 election, as well as the United Steelworkers (USW) union. .
“US Steel products will be mined, smelted and made in America and will continue to supply further advanced steel products to US industry,” Nippon Steel said.
