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Japan’s Nippon Steel is interested in a deal with the Trump administration, according to a new report.
The information was shared in an op-ed from its vice chairman Takahiro Mori in The Wall Street Journal on Tuesday.
“Nippon Steel and U.S. Steel will do whatever it takes to close this transaction,” Mori said in the op-ed. “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, is partnering with Nucor in a new bid, according to Reuters.
“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 wrote.
Trump announced in December that he would seek to block Japan’s Nippon Steel from purchasing the American manufacturer U.S. Steel.
Trump shared the comments in a Truth Social post concerning the controversial purchase plan from the Japan steel company.
“I am totally against the once great and powerful U.S. Steel being bought by a foreign company, in this case Nippon Steel of Japan,” Trump wrote.
“Through a series of Tax Incentives and Tariffs, we will make U.S. Steel Strong and Great Again, and it will happen FAST! As President, I will block this deal from happening. Buyer Beware!!!” he continued.
Nippon Steel sought to finalize its acquisition before Trump returned to the White House, despite opposition from both President Joe Biden and a prominent U.S. labor union. The company remains optimistic that the deal will be completed by the end of the year.
Biden has emphasized the importance of U.S. Steel staying a domestically owned and operated American company. He has referred the proposed acquisition to the Committee on Foreign Investment in the United States (CFIUS), a government body that assesses foreign investments for potential national security risks, according to a report from Fox Business.
Japanese Prime Minister Shigeru Ishiba previously urged Biden to approve the deal, as reported by Reuters.
“We believe we can close the US Steel deal by the end of the year under the current U.S. administration,” Takahiro Mori, Nippon Steel’s vice chairman and key negotiator on the deal, told reporters.