As Donald Trump emphasized that he would block the sale of U.S. Steel, a representative steel company in the U.S., to Japan if he wins the election in November, Japan Steel has expressed its intention to proceed with the acquisition as planned.
According to foreign media such as Nihon Keizai Shimbun, Takahiro Mori, Vice President of overseas business at Japan Steel, held a press conference on the 7th and questioned whether Trump “understands the situation well enough.” He also stated that the acquisition would be completed by September this year.
Vice President Mori predicted the U.S. opposition, saying, “It is an issue with great value to both the U.S. and Japan and cannot be blocked by political motives alone.” He added, “As we approach November, when the U.S. election is held, political concerns will grow, so it is important to find common ground with the union as quickly as possible to stop political moves.”
Before this, Japan Steel declared in December last year that it would pay $14.1 billion, or around KRW 18.3 trillion, to purchase U.S. Steel. The 122-year-old U.S. Steel is regarded as an icon of the American steel industry and has even reached the highest market capitalization level. Citing concerns for national security and the deterioration of the foundation of the steel industry, the U.S. Steelworkers Union and certain lawmakers have opposed the sale. Last month, Trump declared to reporters that he would “immediately and unconditionally block the acquisition of U.S. Steel by Japan Steel.” Additionally, the Biden administration has stated that it will carefully examine the deal’s implications for national security before approving the transaction.
Most Commented