Japanese steelmaker Nippon Steel Corporation is understood to be close to completing negotiations with the U.S. government. The company has a bold blueprint to eventually take over U.S. Steel, as suggested recently by its new President, Tadashi Imai. During a press conference in Tokyo on Friday, Imai reported back from hostilities between the bargainers. He explained that the company, as of now, is still waiting for President Trump’s final determination.
The CEO emphasized the importance of this potential acquisition for Nippon Steel, one of the largest steel producers in Japan. He noted that this deal would significantly strengthen the firm’s competitive standing in national as well as world markets. Specifically, the negotiations are focused on the regulatory approvals they’ll seek or be forced to seek and what conditions might be imposed on the acquisition.
Imai admitted that with the negotiations at such an important stage, much is still up in the air. He reiterated Nippon Steel’s commitment to address any issues the U.S. government identifies. From our perspective, the company is all in on this negotiation process. These on-the-ground exchanges are important for Nippon Steel. They have severe repercussions on the steel industry as a whole and on the trade relations between Japan and the United States.
Though the talks are ongoing, Imai said he hopes the parties can come to a beneficial conclusion. He expressed his appreciation that Democrats and Republicans have been able to have substantive conversations and continue working toward the goal of compromise. Of course, the final decision will be up to President Trump. His decision will also determine whether Nippon Steel can proceed with its plans to buy U.S. Steel.