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Post by Admin on Apr 13, 2024 12:35:56 GMT
"This transaction truly represents the best path forward for all U.S. Steel stakeholders. By creating the world's best steelmaker, we will keep our employees employed and deliver on all of our commitments." U.S. Steel emphasized the benefits of the acquisition in a statement released after the special shareholder meeting held online on the 12th.
However, the hurdles to completing the acquisition procedure are high. This is because the United Steelworkers Union (USW), which is also President Biden's support base, has maintained its stance against the takeover.
The Committee on Foreign Investment in the United States (CFIUS) will examine the matter from a national security perspective, and the U.S. Department of Justice is also expected to begin an investigation to determine whether the market will be monopolized.
One person involved in the negotiations said, ``I don't think there are any security issues with Japanese companies forming an alliance with the United States.''
However, the USW's support is essential for Mr. Biden, who is reportedly facing an uphill battle against his rival, former President Trump, in the presidential election. Since Mr. Trump has expressed opposition to the acquisition, Mr. Biden is also forced to take a cautious stance.
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Post by Admin on Apr 14, 2024 18:13:55 GMT
[Washington Current Affairs] Former US President Trump gave a speech in eastern Pennsylvania on the 13th, commenting on the approval of a takeover proposal by Nippon Steel at the extraordinary shareholder meeting of US steel giant US Steel, saying, ``I would not let the deal go through.'' He reiterated his opposing views.
He then sarcastically said, ``The greatest company in the world is being sold to Japan. Congratulations, Japan,'' indicating his stance to prevent a comeback.
The state where US Steel is headquartered is one of the battleground states that will hold the key to victory or defeat in the November presidential election. In the 2016 presidential election, a portion of the labor vote went to Republican candidate Trump, contributing to his victory. By showing support for the United Steelworkers (USW), which opposes the takeover, the party aims to repeat the election two weeks ago.
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Post by Admin on Apr 16, 2024 18:13:01 GMT
(Bloomberg) -- U.S. Treasury Secretary Yellen said on the 16th that she accepts President Biden's views on Nippon Steel's planned acquisition of U.S. Steel. Yellen chairs the Committee on Foreign Investment in the United States (CFIUS), which reviews acquisition proposals.
"I certainly accept the president's view that it should remain in American hands," Yellen said at a news conference.
Biden demands U.S. Steel to maintain U.S. capital - Nippon Steel acquisition plan (1)
Mr. Biden has said, ``I haven't said specifically that it's a national security issue, but I think it's an issue that concerns the interests of workers and the country.''
Yellen declined to comment on the vetting process, citing "complete confidentiality."
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Post by Admin on Apr 18, 2024 21:06:51 GMT
[Pittsburgh (Pennsylvania, U.S.) = Taishi Tajima] On the 17th, President Biden of the United States gave a speech at the headquarters of the United Steelworkers Union (USW) in Pittsburgh, saying that regarding US Steel, the major U.S. steel company that Nippon Steel is proceeding with an acquisition plan, he said, We should continue to be a company of the highest caliber." This shows once again the company's cautious attitude toward acquisition plans.
"For more than a century, it's been an iconic American company. It's owned by Americans, it's run by American steel union members, and it will always be that way. I promise you that," Biden said of the company. . It also announced plans to triple tariffs on steel and aluminum imported from China.
Meanwhile, Nippon Steel and U.S. Steel released a joint statement on the 18th regarding Mr. Biden's remarks, saying, ``The acquisition will bring significant benefits to the U.S. steel industry and the United States as a whole.'' I look forward to continuing."
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Post by Admin on Apr 23, 2024 3:14:30 GMT
Yellen's criticism came from a press conference at the annual meetings of the World Bank and the International Monetary Fund (IMF), in which she said, ``For more than 100 years, US Steel has been an iconic American steel company, and continues to be the leading steel company in the United States.'' The statement was a reference to President Biden's statement that ``it is essential that the company be owned and operated,'' and that he ``accepts the president's views.''
The background to this protectionist decision is that Mr. Biden is running a fierce campaign against former President Trump in the US presidential election to be held in November of this year, and the United Steelworkers Union, which is a member of US Steel employees, USW) is listed as one of the leading support groups for the Democratic Party, which is Biden's home organization.
Nippon Steel had planned to complete the acquisition by September of this year after receiving approval for the acquisition at US Steel's extraordinary general meeting of shareholders on April 12, but the possibility of being forced to abandon the acquisition has dramatically increased.
It was on December 18th, nearing the end of last year (2023), that Nippon Steel announced that it had entered into an acquisition agreement with US Steel.
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