Nippon Steel Wants To Work With Trump Administration
16 Jan 2025
2 Min Read
CW Team
Japan's Nippon Steel remains interested in working with the incoming administration of Donald Trump to try to seal a takeover of U.S. Steel, its vice chairman Takahiro Mori said an opinion piece in the Wall Street Journal.
Last week, Nippon Steel and U.S. Steel filed two lawsuits after U.S. President Joe Biden blocked a $14.9 billion buyout of the American steelmaker by the Japanese firm. President-elect Donald Trump takes office on Monday.
Enforcement of Biden's order, which gave the parties 30 days to unwind the transaction, was postponed until June after the companies sued the U.S. president, alleging he violated the constitution by depriving them of due process when he blocked the deal."Nippon Steel and U.S. Steel will do whatever it takes to close this transaction," Mori said in the WSJ piece. "We believe our case is strong, and we look forward to our day in court."
Cleveland-Cliffs, whose earlier bid for U.S. Steel was rejected by the latter's board, is partnering with peer Nucor to prepare a potential all-cash bid for the company again, a source told Reuters this week.
"We remain interested in exploring possible partnerships with the new administration to invest in and grow U.S. Steel to benefit American workers, customers, and national security," Mori, Nippon Steel's key negotiator on the deal, said in the opinion piece. The decision to file lawsuits was not taken lightly, Mori said, while reiterating that Japan is one of U.S. closest allies and the company did not believe there was any national security concern regarding the takeover."Major companies in allied nations want to invest in the U.S. and employ Americans. Now they wonder if they'll be treated as partners or political pawns," Mori said.
Japan's Nippon Steel remains interested in working with the incoming administration of Donald Trump to try to seal a takeover of U.S. Steel, its vice chairman Takahiro Mori said an opinion piece in the Wall Street Journal.
Last week, Nippon Steel and U.S. Steel filed two lawsuits after U.S. President Joe Biden blocked a $14.9 billion buyout of the American steelmaker by the Japanese firm. President-elect Donald Trump takes office on Monday.
Enforcement of Biden's order, which gave the parties 30 days to unwind the transaction, was postponed until June after the companies sued the U.S. president, alleging he violated the constitution by depriving them of due process when he blocked the deal.Nippon Steel and U.S. Steel will do whatever it takes to close this transaction, Mori said in the WSJ piece. We believe our case is strong, and we look forward to our day in court.
Cleveland-Cliffs, whose earlier bid for U.S. Steel was rejected by the latter's board, is partnering with peer Nucor to prepare a potential all-cash bid for the company again, a source told Reuters this week.
We remain interested in exploring possible partnerships with the new administration to invest in and grow U.S. Steel to benefit American workers, customers, and national security, Mori, Nippon Steel's key negotiator on the deal, said in the opinion piece. The decision to file lawsuits was not taken lightly, Mori said, while reiterating that Japan is one of U.S. closest allies and the company did not believe there was any national security concern regarding the takeover.Major companies in allied nations want to invest in the U.S. and employ Americans. Now they wonder if they'll be treated as partners or political pawns, Mori said.
Next Story
Dassault To Build Falcon Jets In India With Reliance
Reliance Infrastructure Ltd’s subsidiary, Reliance Aerostructure, has signed an agreement with France’s Dassault Aviation to manufacture Falcon 2000 business jets in India, with the first batch expected to roll out from its Nagpur facility by 2028. This marks the first time a Falcon aircraft will be entirely built outside France.The announcement sent Reliance Infrastructure shares surging, hitting the 5 per cent upper circuit on the BSE. Anil Ambani, Chairman of Reliance Group, hailed the agreement as a “symbol of India’s technological and manufacturing strength�, adding that it aims..
Next Story
INDEA Lays Foundation for India’s First Auto Design School
The Indian School for Design of Automobiles (INDEA), the country’s first institute focused solely on automobile design and management, held its foundation stone ceremony at XLRI Delhi-NCR. The event was graced by Union Minister for Road Transport and Highways, Nitin Gadkari, who virtually unveiled the stone as Chief Guest.INDEA aims to become a premier talent hub, driving innovation in the Indian automotive sector. The school will focus on advanced design, mobility solutions, and sustainable practices, playing a vital role in shaping India’s transition from a cost-driven to a quality-led a..
Next Story
Karnataka Launches Global Innovation Hub at Airport City
The Government of Karnataka, in collaboration with Bengaluru Airport City Limited (BACL) and ANSR, has launched a global innovation hub named District I at Bengaluru Airport City's business park. The initiative aims to elevate India’s innovation ecosystem to a global scale by fostering collaboration among startups, academia, enterprises, and government bodies.District I will serve as a platform for deep-tech entrepreneurship, enterprise innovation, and commercialisation of academic research. It brings together Global Capability Centres (GCCs), IT firms, corporate labs, startups, venture capi..