Japan’s Nippon Steel is steadfast in its plan to finalize a deal to buy U.S. Steel by the end of the year, aiming to boost output and profits despite resistance in the U.S. The nearly $15 billion acquisition has faced opposition from President Joe Biden, potential presidential challenger Donald Trump, and the United Steelworkers (USW) union, though Nippon Steel insists U.S. Steel products will continue to be mined, melted, and made in America.
Nippon Steel is aiming to increase its global crude steel capacity to 86 million tons annually, close to its 100 million ton goal, and boost underlying business profit. The steelmaker’s commitment to close the deal by year-end is subject to U.S. regulatory approvals, including antitrust review. Nippon Steel has also pledged to relocate its U.S. headquarters to Pittsburgh and offer specific commitments to secure the support of the USW if the deal proceeds.