Steel Mills
Report: Nippon Steel sees clear skies ahead for USS deal
Written by Ethan Bernard
January 8, 2024
Nippon Steel believes it can successfully complete its planned buy of U.S. Steel, according to a report in Reuters.
“I believe we can successfully complete the planned acquisition,” Nippon Steel President Eiji Hashimoto said on the sideline of the Japan Iron and Steel Federation’s New Year’s party last Friday, according to the Reuters report.
“The deal poses no harm to America … as we will make investment in line with the economic security strategies of the United States and other Western nations,” Hashimoto added.
He also noted that the current labor pact with the United Steel Workers (USW) union would be upheld.
This comes amid the protests of some US politicians, as well as the White House, saying the deal needs “serious scrutiny.” Additionally, the USW said it wasn’t sold on the deal after meeting with Nippon Steel. Cleveland-Cliffs was its preferred buyer.

Ethan Bernard
Read more from Ethan BernardLatest in Steel Mills

CRU: Tata Steel looks to shed 1,600 jobs in the Netherlands
The company said, “The challenging demand conditions in Europe driven by geopolitical developments, trade and supply chain disruptions and escalating energy costs have affected the operating costs and financial performance."

Reports: Federal funding for Cliffs’ project could be slashed
Elon Musk's DOGE is determining which Department of Energy grants to advance and which ones to terminate, according to several media outlets

Trump still against selling USS to Japanese firm: Report
Despite ordering a new review of Nippon Steel’s bid for U.S. Steel, President Trump said he is still against selling USS to a Japanese company, according to media reports.

Algoma looks to sell more steel in Canada in wake of Trump’s tariffs
The Canadian steelmaker said its absorbing higher tariffs as it moves forward.

Ancora abandons plan to take over leadership of USS
Investment firm Ancora Holdings Group has halted its play for U.S. Steel's board, citing Nippon Steel’s proposed bid for USS “gaining momentum.”