Reiterating its commitment that Pittsburgh-based U.S. Steel will remain an American company, Nippon Steel aims to allay concerns in the US steel industry with this step.
The Japanese steel giant launched a $14.1 billion takeover bid last December. Nippon Steel outlined U.S. Steel's governance policy, stating that if this offer is approved, the board of directors as well as three independent directors will be US citizens.
The announcement came after Democratic presidential candidate Kamala Harris raised concerns about President Joe Biden's $14.1 billion deal. Harris stated that U.S. Steel “must remain American-owned and American-operated.”
Nippon Steel pledged that the takeover would benefit the U.S. steelmaking sector and that no capacity would be moved out of the country, no plant closures and no layoffs. The Japanese company also pledged to invest an additional $1.3 billion in U.S. Steel to strengthen its claim.
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