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NEWS Desk Global

NIPPON STEEL CONFIDENT OF COMPLETING US STEEL ACQUISITION




Japan's top steelmaker Nippon Steel (5401.T) is confident of successfully completing its planned acquisition of U.S. Steel (X.N), despite opposition from labour union and certain U.S. senators, its president said on Friday. The world's fourth-largest steelmaker's planned $14.9 billion deal has drawn criticism from Democratic and Republican lawmakers and the powerful United Steelworkers union, the main union at the third-largest U.S. steel company. The White House has also expressed the need for "serious scrutiny" of the deal given the company's role in U.S. steel production that the government regards as critical to national security.

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