Japan's biggest steelmaker Nippon Steel said on Thursday it plans to make an additional investment of about $1.3 billion in U.S. Steel's two mills as part of its pending acquisition of the U.S. company.
The Japanese steel maker is working to convince American stakeholders that its purchase of the company is best for employees and the U.S. industry.
Pennsylvania Gov. Josh Shapiro, a potential Democrat running mate for Vice President Harris, expressed his opposition to Nippon Steel's bid to buy U.S. Steel in remarks Tuesday.
Nippon Steel announced that it hired former Secretary of State Mike Pompeo to advise the firm on its planned acquisition of U.S. Steel, which faces political and regulatory scrutiny.
Nippon Steel Vice Chairman Takahiro Mori met with U.S. Steel's employees and community leaders this week to gain better understanding of its proposed acquisition of the U.S. company and saw positive reaction, a company spokesperson said.
United States Steel Corp and Nippon Steel said on Thursday they had received all regulatory approvals outside of the United States related to their proposed $14.9 billion merger.
Japan's Nippon Steel's vice chairman and key negotiator for the U.S. Steel deal, Takahiro Mori, will travel to Pittsburgh, Pennsylvania next week to meet with local staff and elected officials, Bloomberg News reported on Friday, citing people briefed on the matter.