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Nippon Steel's US Steel takeover plan has assistance in steelmaking locations, executive says

Japan's Nippon Steel is seeing support for its proposition to get U.S. Steel in the regions of the United States where steel mills are located, Nippon Steel's President Tadashi Imai informed press reporters on Wednesday.

On Monday, a U.S. foreign financial investment committee referred the choice whether to authorize or block the $15 billion deal to U.S. President Joe Biden, who has 15 days to choose.

Biden and his incoming follower, Donald Trump, have both revealed opposition to the purchase.

On Wednesday, Imai repeated that Nippon Steel has made a. number of commitments to resolve national security concerns of. the Committee on Foreign Investment in the United States, adding. he believed there was 'progress in understanding'.

In the neighborhoods of the numerous regions where the steel. mills are located, there is a significant quantity of support for. this acquisition, Imai stated. I hope that President Biden will. understand ... the worth of this acquisition to the U.S. economy.

Both business have actually previously said they had actually planned to. seal the deal, which has likewise faced opposition from a powerful. the United Steelworkers labor union (USW), before completion of. 2024.

On Wednesday, Nippon Steel shared a letter to Biden dated. Dec. 23 and signed by 2 dozen U.S. town officials in. areas where U.S. Steel mills are located, asking the U.S. president to approve the takeover deal.

We respectfully urge you to listen to the voices of the. steelworkers and everybody else whose economic security is connected. to U.S. Steel - they are speaking loudly in unison that this. deal must be authorized, the letter said.

USW stated in a different declaration that it met Nippon Steel. authorities two times last week. It repeated its view that the. Japanese steelmaker had no interest in the long-lasting security of. U.S. Steel plants or blast heating system operations and prompted Biden to. keep the company locally owned and operated.

In order to win support for the acquisition, Nippon Steel. has formerly said it will not utilize the offer as cover to import. steel and has actually made a series of promises to safeguard jobs and. invest in U.S. facilities it sees as crucial to its future development.

(source: Reuters)