ST. LOUIS — A top Nippon Steel executive expects the $14.9 billion acquisition of United States Steel Corp. will be concluded by September and that it expected some controversy.
U.S. Steel has its Granite City Works plant in St. Louis' Metro East.
NSC EVP Takahiro Mori told reporters the company is talking to the union, regulators and lawmakers in an effort to seal the deal. Mori provided the company’s rationale for the acquisition of U.S. Steel (NYSE: X), which has generated opposition not only from the Pittsburgh-based United Steelworkers union, but also lawmakers on both sides of the aisle and concern from both President Joe Biden and former President Donald Trump. Trump last week said he’d stop the acquisition.
“This is an extremely beneficial deal for both countries and cannot be blocked simply because of political speculation,” Mori was quoted in the publication Nikkei.
Lawmakers, Trump and Biden have all expressed concern about foreign ownership of an American manufacturing icon.
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