Japan's Nippon Steel sets sights on a growing overseas market in its bid to acquire US Steel

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“We can’t expect demand in Japan to grow as the population is declining. We need to invest in production that leads to growth,” a company official, Masato Suzuki, said Friday while giving reporters a look at a Nippon Steel plant in Ibaraki prefecture, north of Tokyo.Nippon Steel Corp. has its eyes on India, Southeast Asia and the U.S., Suzuki said. About 70% of the plant's output is exported.

Under the proposed deal, first announced in 2023, U.S. Steel would keep its name and its headquarters in Pittsburgh, Pennsylvania, becoming a subsidiary of Nippon Steel. But United Steelworkers union, which has 1.2 million members, have objected, citing worries about job losses and contract terms. Nippon Steel is promising to “preserve the legacy” of U.S. Steel and protect jobs, pensions and benefits, pledging that there will be no layoffs or plant closures.

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Trump to Block Nippon Steel's $14 Billion U.S. Steel AcquisitionPresident-elect Trump announced his intention to use tax incentives to prevent Nippon Steel's acquisition of U.S. Steel, a deal valued at $14 billion, citing concerns over foreign ownership. He plans to act swiftly as president to block the transaction, which faces opposition from President Biden and a powerful U.S. labor union.
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