Kamala Harris, US vice president, is opposing the acquisition of United States Steel Corporation (US Steel) by Japanese steel producer Nippon Steel Corporation, stating, “US Steel should remain American owned and American operated,” according to media reports. Meanwhile, Nippon Steel has announced its governance policy for US Steel, noting that the company will remain an American company owned by its subsidiary Nippon Steel North America.
The company stated that US Steel will remain headquartered in Pittsburgh, Pennsylvania, with US citizens will making up the majority of the board of directors. Regarding the production, Nippon Steel noted that it will prioritize production at US Steel to meet the demand in the US steel market. The company plans to invest to replace and/or upgrade the existing hot strip mill and other facilities at Mon Valley and revamp blast furnace No. 14 at Gary Works, as SteelOrbis previously reported.
Nippon Steel continues to believe that the acquisition will revitalize the US steel industry by reinforcing US Steel and its domestic production capabilities, making the US industrial base and supply-chain more resilient and better positioned to compete against future pressures from state-supported Chinese competitors. The company believes that a fair and objective regulatory review process will support this outcome, and said it looks forward to closing the transaction as soon as possible.