Japanese steelmaker Nippon Steel is preparing a new offer for U.S. Steel.
"We know that Nippon Steel does not view the deal with U.S. Steel as a simple takeover, but is preparing a radical proposal that is completely different from anything it has offered in the past," ag. Reuters quotes Japan's Chief Cabinet Secretary Yoshimasa Hayashi.
He said that the new proposal aims to “create a win-win situation for both sides“. through significant investments. As the agency recalls, earlier US President Donald Trump said that Japanese business plans not to buy U.S. Steel, but to invest in it. Nippon Steel declined to comment.
In early January, the White House press office released a statement saying that 46th President Joe Biden had blocked the acquisition of Japan's Nippon Steel by U.S. Steel. Biden cited an assessment by experts who believed that "this deal would lead to foreign control of one of America's largest steel companies and would pose a threat to national security and critical supply chains." In response, the two companies filed joint lawsuits against Biden and his administration, calling their decision "unlawful political interference."