✂ Fed’s first rate cut since 2020: Use our free Stock Screener to find new opportunities fastExplore for FREE

Nippon Steel exec flies to Washington in last attempt to save US Steel deal, FT reports

Published 09/10/2024, 12:44 PM
Updated 09/10/2024, 01:11 PM
© Reuters. FILE PHOTO: A Great Lakes Works sign is seen at the U.S. Steel Great Lakes Works plant in Ecorse, Michigan, U.S., September 24, 2019. Picture taken September 24, 2019. REUTERS/Rebecca Cook/File Photo

(Reuters) -Japanese steelmaker Nippon Steel's vice-chair will meet senior U.S. officials in Washington on Wednesday in an attempt to save its proposed $14.9 billion takeover of U.S. Steel, the Financial Times reported on Tuesday.

Nippon's Takahiro Mori will meet several deputy cabinet secretaries involved with the Committee on Foreign Investment in the U.S. (CFIUS), the FT reported, citing people familiar with the situation.

Nippon, the White House and the U.S. Treasury Department did not immediately respond to Reuters' requests for comment.

CFIUS has told Nippon and U.S. Steel that the merger, which has faced opposition from Republican and Democratic lawmakers, would create national security risks as it could hurt the supply of steel needed for critical transportation, construction and agriculture projects.

© Reuters. FILE PHOTO: A Great Lakes Works sign is seen at the U.S. Steel Great Lakes Works plant in Ecorse, Michigan, U.S., September 24, 2019. Picture taken September 24, 2019. REUTERS/Rebecca Cook/File Photo

Vice President and Democratic presidential candidate Kamala Harris has said she wants U.S. Steel to remain "American-owned and operated."

Her Republican rival Donald Trump has pledged to block the deal if elected.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.