Nippon Steel Vice Chairman Takahiro Mori said Tuesday that the Japanese company is still willing to talk to the United Steelworkers (USW) union about its bid to acquire US Steel.
Separately, Nippon Steel said it would sell its entire stake in South Korean steelmaker Posco Holdings, valued at about $820 million based on Monday’s closing price in Seoul, amid reports it is looking to shed assets ahead of its takeover by U.S. Steel. Nippon Steel said in a statement to the Tokyo Stock Exchange that it will sell 2.9 million Posco shares in a move to “improve asset efficiency.”
Mori, the lead negotiator on the $14.9 billion takeover deal, said in a letter to US Steel employees that USW President David McCall “has not seriously considered any of the proposals we have presented.”
