Nippon Steel Vows to Buy U.S. Steel As Soon As Possible

Tokyo, May 9 (Jiji Press)--Nippon Steel Corp. remains committed to acquiring United States Steel Corp. as soon as possible after the deal was postponed until December, Vice Chairman Takahiro Mori said Thursday.

Earlier this month, the Japanese steelmaker said that the acquisition has been put off from an initially planned September as the U.S. Justice Department demanded additional information as part of its review of the deal.

"We're doing everything we can so that the aim of the acquisition will be evaluated correctly," Nippon Steel President and Chief Operating Officer Tadashi Imai said, referring to talks with the United Steelworkers union and regulators.

In December, Nippon Steel announced its plans to acquire the U.S. company, a deal approved by U.S. Steel shareholders in April.

The deal has drawn strong opposition from the union. U.S. President Joe Biden and his Republican rival Donald Trump are taking a cautious approach to the transaction as they jostle for votes from workers in the presidential election in November.

"If we continue talks, we'll surely find common ground," Mori said of the union. "After the presidential election, (the acquisition) will no longer be political," he said.

Nippon Steel said that it plans to raise about 200 billion yen including by issuing subordinated bonds as early as next month.

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