Nippon Steel exec meets U.S. officials over U.S. Steel buyout plan

A Nippon Steel Corp. executive met senior U.S. government officials in Washington on Wednesday, sources close to the matter said, in an apparent attempt to win support for its envisioned acquisition of United States Steel Corp.

The meeting between Nippon Steel Vice President Takahiro Mori and members of the U.S. committee on foreign investment comes as Washington is reportedly preparing to block the deal, citing potential national security risks related to foreign ownership.

U.S. media have reported President Joe Biden’s administration is in the final stages of blocking the $14.1 billion takeover of the iconic American firm by Japan’s largest steelmaker.

U.S. presidential nominees Kamala Harris and Donald Trump are also both opposed to the proposed acquisition.

U.S. Steel, founded in 1901, is headquartered in Pittsburgh, Pennsylvania, one of the key battleground states of the Nov. 5 presidential election. The powerful United Steelworkers Union, which has expressed opposition to the deal, is also based in the area.

Mori’s visit to the United States came as a coalition of Washington-based business groups on Wednesday sent a joint letter to Treasury Secretary Janet Yellen, asking her to avoid politicizing the ongoing review of the Japanese company’s planned acquisition.

The group included the Global Business Alliance, the U.S. Chamber of Commerce and the National Foreign Trade Council. The Japan Business Federation, the country’s top business lobby also known as Keidanren, also joined in the request.

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Nippon Steel exec to meet U.S. officials over U.S. Steel buyout plan

Japan business lobby urges “fairness” in U.S. Steel buyout review