Nippon Steel touts tech it can bring to US Steel

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The opinion of the company Nippon Steel Corp.The new CEO has promised to continue with the acquisition of $14.1 billion United States Steel Corp.a deal he says is essential to the American company’s competitiveness.

Nippon Steel is not considering other options and is focusing on negotiating with the United Steelworkers Union to help them with the purchase, the company’s new president in Tokyo, Tadashi Imai, told reporters.

“There is no company in the US that domestically produces high-end, electric sheet metal cars that we produce at our steel mill in Japan,” Imai said, in an interview he did last week and was available to be released on Monday, when. he took the top job.

The technology will be available to US Steel when it becomes available. “We have over 2,000 patents in North America alone – more than any other American steel manufacturer,” he said. “There’s more we can do to strengthen US Steel.”

Imai’s statement comes at a critical time for the deal, whose hopes have not come due to President Joe Biden’s insistence that US Steel must be “domestic and workable.” Biden said he justified himself it’s a deal ahead of the presidential election in the fall, but it could strain relations with one of America’s closest allies at the moment.

Biden will meet with Japanese Prime Minister Fumio Kishida at a meeting in Washington on April 10. Shareholder US Steel will collect two days later to talk about Japan.

When asked if his company would consider changing the way it handles the deal, perhaps by offering a smaller stake, Imai said it would be a decision for the American company and it was not necessary for Nippon Steel to make a decision.

The former president, Eiji Hashimoto, who initiated the purchase, is now the chairman of Nippon Steel.

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