Nippon Steel hopes to close the deal before Trump retakes the White House on January 20, despite opposition from President Joe Biden and a powerful US labor union.
A Nippon Steel earnings presentation on November 7 maintained that "the transaction is expected to close in... calendar year 2024"
"I am totally against the once great and powerful US Steel being bought by a foreign company, in this case Nippon Steel of Japan," Trump wrote on his Truth Social platform. Embattled US Steel has argued that it needs the Nippon deal to ensure sufficient investment in its Mon Valley plants in Pennsylvania, which it claims it may have to shutter if the sale is blocked.
Biden, too, has opposed the deal, saying it was"vital" for US Steel"to remain an American steel company that is domestically owned and operated."
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