Tokyo, September 14– Nippon Steel and U.S. Steel sent a letter to U.S. President Joe Biden on Sunday (September 8) regarding their planned $15 billion (€13.62 billion) merger. The letter, disclosed by a Nippon Steel spokesperson on Friday, follows reports suggesting that Biden may move to block the transaction.
Letter Details
Although the contents of the letter were not disclosed, it was confirmed that Nippon Steel’s CEO, Eiji Hashimoto, and U.S. Steel’s CEO, David Burritt, along with other senior executives, signed the document. U.S. Steel has not yet commented on the matter, and the U.S. embassy in Japan also declined to provide any immediate statement.
Merger Background
Nippon Steel, Japan’s largest steel manufacturer, initially offered $14.9 billion (€13.5 billion) for U.S. Steel in December last year. However, the deal met with resistance in the U.S., prompting the Department of Justice to launch an investigation. Nippon Steel had aimed to finalize the merger by September, but the timeline has now been pushed to the end of the year.
Political Opposition
The proposed acquisition has drawn significant opposition from U.S. labor unions and influential political figures, including President Joe Biden, Vice President and Democratic presidential candidate Kamala Harris, and former President Donald Trump, who is also running for re-election.
| Date | Event |
|---|---|
| December 2022 | Nippon Steel offers $14.9 billion |
| September 2023 | Planned merger delayed |
| Late 2023 | New target for merger completion |
Key Keywords:
Nippon Steel merger, U.S. Steel acquisition, Joe Biden opposition, Department of Justice investigation, political resistance, steel industry merger, Kamala Harris, Donald Trump
