Japanese steelmaker Nippon Steel has not withdrawn its $14.9 billion offer to acquire US steelmaker US Steel despite US President Donald Trump’s recent statement, according to Reuters, citing two people close to the matter.
As SteelOrbis reported previously, Trump stated following his meeting with Japanese Prime Minister Shigeru Ishiba that Nippon Steel had agreed to drop its attempt to acquire US Steel and instead would invest an undisclosed amount in the latter. In response, US Steel thanked Trump for the efforts he was making on behalf of the company’s future.
In the meantime, Yoshimasa Hayashi, Japan’s chief cabinet secretary, said Nippon Steel is considering changing its previous approach to buying out the company. “We are aware that Nippon Steel is not looking at this as a mere acquisition, but is considering a bold proposal that is completely different from anything it has done in the past,” Mr. Hayashi commented, adding that this would benefit both sides.
Nippon Steel declined to comment on the statements made by Trump and Hayashi.
Meanwhile, according to Japanese media reports, Trump intends to meet with Nippon Steel executives this week to discuss the matter in question. It is thought that, should the meeting take place, Nippon Steel is expected to depict its acquisition plans in line with Trump’s emphasis on manufacturing.
Also, the Japanese steelmaker pointed out in its consolidated financial and operational report for the first third quarter ending December 31 of the financial year 2024-25 that it would do whatever it takes to close its acquisition of US Steel in line with its business strategy and the policies of the new US administration.