Nippon Steel Chairman Expresses Gratitude to Ishiba; PM calls Acquisition of U.S. Steel ‘Very Symbolic Case'
The acquisition plan had stalled in January following an executive order from then U.S. President Joe Biden to block the deal. However, Japan-U.S. summit talks between Ishiba and U.S. President Donald Trump in February led to the resumption of negotiations.
During the meeting at the Prime Minister's Office, Hashimoto expressed his gratitude, saying, 'The summit talks paved the way [for the deal] to be realized.'
After Trump revised Biden's executive order to approve the acquisition in June, Nippon Steel made U.S. Steel a wholly owned subsidiary.
'We will improve U.S. Steel's quality from the ground up and prove that manufacturing cooperation between Japan and the U.S. can be valuable,' Hashimoto said. He indicated Nippon Steel's intention to transfer its manufacturing technology to U.S. Steel to strengthen its competitiveness.
Ishiba said that Japan is negotiating with the U.S. side with a view to focus on investment over tariffs. He described the successful acquisition as 'a very symbolic case.' He added that it 'could become a model case for Japan-U.S. relations.'
Also present at the meeting were Nippon Steel President Tadashi Imai; Vice Chairman Takahiro Mori; and Chief Cabinet Secretary Yoshimasa Hayashi. Speaking to reporters after the meeting, Hashimoto expressed his resolve, saying, 'We will strive to ensure that the U.S. market recognizes the improvements at U.S. Steel.'
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