Takahiro Mori, Nippon Steel’s vice chairman and key negotiator on the takeover, told a briefing that thanks to the deal, the U.S. company will grow, adding jobs and profits
Japan’s top steel maker, Nippon Steel, is sticking to its plan to close a deal by year-end to buy U.S. Steel, which it expects to boost output and profits, the company said on Thursday, despite resistance to the transaction in the U.S.
To win support from the USW, Nippon Steel has pledged to move its U.S. headquarters to Pittsburgh, where U.S. Steel is based, offering specific commitments on job security and additional investments if the deal goes through. U.S. Steel is based in the swing state of Pennsylvania, key for both candidates. “It has already become a political issue and will not become a political issue any further,” Mori said.
Nippon Steel beat estimates on Thursday, but posted a decline of 20.8 per cent in net profit of 549.4 billion yen for the year ended in March, because of losses on inactive facilities at home.
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