Japan’s Nippon Steel remains interested in working with the incoming administration of Donald Trump to try to seal a takeover of U.S. Steel, its vice chairman Takahiro Mori said an opinion piece in the Wall Street Journal.
Last week, Nippon Steel and U.S. Steel filed two lawsuits after U.S. President Joe Biden blocked a $14.9 billion buyout of the American steelmaker by the Japanese firm. President-elect Donald Trump takes office on Monday.
Enforcement of Biden’s order, which gave the parties 30 days to unwind the transaction, was postponed until June after the companies sued the U.S. president, alleging he violated the constitution by depriving them of due process when he blocked the deal.”Nippon Steel and U.S. Steel will do whatever it takes to close this transaction,” Mori said in the WSJ piece. “We believe our case is strong, and we look forward to our day in court.”
Cleveland-Cliffs, whose earlier bid for U.S. Steel was rejected by the latter’s board, is partnering with peer Nucor to prepare a potential all-cash bid for the company again, a source told Reuters this week.
“We remain interested in exploring possible partnerships with the new administration to invest in and grow U.S. Steel to benefit American workers, customers, and national security,” Mori, Nippon Steel’s key negotiator on the deal, said in the opinion piece. The decision to file lawsuits was not taken lightly, Mori said, while reiterating that Japan is one of U.S. closest allies and the company did not believe there was any national security concern regarding the takeover.”Major companies in allied nations want to invest in the U.S. and employ Americans. Now they wonder if they’ll be treated as partners or political pawns,” Mori said.

Union Minister for Heavy Industries and Steel, HD Kumaraswamy, held a crucial meeting with an Andhra Pradesh delegation in Delhi to discuss the establishment of a new steel plant by ArcelorMittal Nippon Steel Corporation in the state.

The meeting, attended by Andhra Pradesh Industries Minister TG Bharat, senior state officials, Amitava Mukherjee (Chairman and Managing Director of NMDC), and Dilip Oommen (CEO of ArcelorMittal Nippon Steel), focused on the proposed steel plant’s development and potential benefits for the state.

Kumaraswamy emphasized the importance of promoting new investments in the steel sector to reduce dependence on imported steel and strengthen India’s domestic production capabilities. This aligns with Prime Minister Narendra Modi’s vision of achieving an annual steel production target of 300 million tonnes by 2030.

He also noted that the central government has positively responded to ArcelorMittal’s commitment to invest in Andhra Pradesh, which will contribute significantly to the state’s economy and steel production sector. The meeting covered key topics such as capital investment, job creation, and steel production capacity.

The proposed integrated steel plant will be located in Anakapalli district, Andhra Pradesh, with an annual production capacity of 17.8 million tonnes. This plant is expected to play a pivotal role in supporting the nation’s growth and fulfilling its increasing demand for steel.

Kumaraswamy added that he had previously engaged in multiple discussions with Andhra Pradesh Chief Minister N Chandrababu Naidu about the project. The plant is expected to create substantial employment opportunities and boost the region’s industrial capabilities.

The project is a significant step toward India’s self-reliance in steel production, fostering long-term growth for the country and reinforcing the government’s commitment to the steel industry’s future.

Steel Authority of India Limited (SAIL) has entered into a strategic partnership with John Cockerill India Limited (JCIL) to advance green steel production and technology within the steel industry.

The Memorandum of Understanding (MoU) was signed in Mumbai between SAIL Director (Finance) Anil Kumar Tulsiani and JCIL Managing Director Michael Kotas. This collaboration will focus on improving technologies in cold rolling, carbon steel production, green steel, and specialized silicon steels.

The partnership also aims to integrate green technologies into traditional iron and steelmaking processes to reduce carbon emissions and enhance resource efficiency. This move aligns with SAIL’s sustainability goals and its commitment to reducing the environmental impact of steel production.

SAIL is focused on transforming its operations and adopting advanced technologies to contribute to a greener future in the steel industry. The MoU marks a significant step towards the company’s vision of sustainable growth.