Nippon Steel Remains Committed to Complete U.S. Steel Takeover
Nippon Steel Corporation (OTC:NPSCY) of Japan is still determined to buy out United States Steel Corporation (NYSE:X) in its entirety, even in the face of regulatory scrutiny. The business's plan was verified by Vice Chairman Takahiro Mori before the May 21 deadline for the CFIUS's updated national security review, which is overseen by U.S. Treasury Secretary Scott Bessent. Former President Joe Biden has already opposed the $15 billion agreement on national security concerns. Nonetheless, in April, President Donald Trump directed CFIUS to reconsider the merger, with a final ruling anticipated by June 5.
An aerial view of an industrial plant manufacturing welded pipes and tubes from stainless steel and galvanized carbon.
Mori maintained that "there is no free technology" and that Nippon Steel Corporation (OTC:NPSCY) could only share its core technology with United States Steel Corporation (NYSE:X) through complete ownership, not a joint venture. The business is trying to meet with Bessent to assess Trump's stance.
If the deal goes through, Nippon Steel Corporation (OTC:NPSCY) intends to invest $14 billion in United States Steel Corporation (NYSE:X)'s operations, including $4 billion for a new mill. The firm wants to keep the integrated structure, name, and headquarters of United States Steel Corporation (NYSE:X). A majority of Americans and three independent directors chosen by CFIUS would be on the reorganized board to handle national security issues.
By March 2026, Nippon Steel Corporation (OTC:NPSCY) anticipates a 43% decline in net profit as a result of U.S. tariffs and pressure on steel prices globally.
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