Japan’s Nippon Steel said in a statement on Wednesday that the US Steel company, which it has offered to buy for $14 billion (around 12.7 billion euros), will remain “an American company” with a majority of American citizens on the board of directors.
The proposed takeover has become a political hot button issue two months before the US presidential election, with Democratic candidate Kamala Harris saying this week that US Steel should “remain American owned and operated”The company is based in Pennsylvania, a key state where Harris and her Republican rival Donald Trump, who has vowed to oppose the takeover, are trying to win votes from working class people.
Also readNippon Steel’s acquisition of US Steel: Joe Biden concerned about US “national security”
“an American company owned by Nippon Steel North America”
US Steel restera “an American company owned by Nippon Steel North America” and its headquarters will remain in Pittsburgh, Pennsylvania, the Japanese group wrote in a statement. Americans will make up the majority of the company’s board of directors, which will include three independent American directors, while key members of management will be American citizens, it said.
Finally, the redemption “will enhance U.S. national security by strengthening U.S. Steel and its domestic manufacturing capabilities, introducing advanced technologies to the United States, and ultimately making the U.S. industrial base and supply chain more resilient and better positioned to address future pressures from state-backed Chinese competitors.”tried to reassure Nippon Steel, which also recruited in July the former Secretary of State under Donald Trump Mike Pompeo to plead its case.
The acquisition plan has already been accepted by US Steel’s board of directors and shareholders.
