Sat. Jul 27th, 2024

Nippon Steel defends U.S. Steel purchase after Biden opposes Japanese takeover

By 37ci3 Mar15,2024



TOKYO – JapanThe largest U.S. steelmaker defended U.S. Steel’s proposal on Friday to strengthen “American supply chains and economic defenses against China,” a day after the president. Joe Biden opposed the agreement.

Nippon Steel said in December it was determined to complete the $14 billion acquisition it had agreed to, raising concerns about unionized workers, supply chains and implications for U.S. national security.

“Through increased financial investment and the contribution of our advanced technologies to US Steel, Nippon Steel will advance American priorities by driving higher quality and competitiveness for customers in critical industries that rely on American steel, while strengthening American supply chains and economic defense against China,” the Tokyo-based company said in the statement.

“No single U.S. steel company can handle this challenge alone while meeting antitrust requirements,” he said.

The company said that under its proposal, there would be no layoffs or plant closings as a result of the transaction.

On Thursday, Biden said Pittsburgh-based US Steel should remain American-owned.

“It is imperative that we maintain strong American steel companies supported by American steelworkers,” he said said in the statement It was announced by the White House. “I told our steelworkers I had their backs and I meant it.”

“US Steel has been an iconic American steel company for more than a century, and it is critical that it remain a locally owned and operated American steel company,” he said.

The United Steelworkers union applauded Biden’s remarks.

“Allowing one of our nation’s largest steel producers to be bought by a foreign company leaves us vulnerable when it comes to meeting both our defense and critical infrastructure needs,” said David McCall, president of United Steelworkers International. said in the statement.

Asked about Biden’s remarks on Friday, Japanese Chief Cabinet Secretary Yoshimasa Hayashi declined to comment on the management of individual companies.

He added that US-Japan alliance It has “never been stronger” and the two countries will continue to work closely together “to achieve sustainable and inclusive economic growth in the Indo-Pacific region, and to preserve and strengthen a free and open economic order.”

Arata Yamamoto reported from Tokyo and Jennifer Jett reported from Hong Kong.



Source link

By 37ci3

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *