Nippon Steel has said that it is determined to complete its $14.1 billion acquisition of United States Steel after U.S. President Joe Biden earlier said the company should stay in U.S. hands.
In the wake of Biden's comments, Japan’s largest steel company repeated its previous offer of an additional $1.4 billion in investment and a promise of no layoffs or plant closures until at least September 2026, according to a statement on Friday.
While Biden stopped short of saying he would block the takeover, his statement on Thursday marked a rare presidential intervention in a transaction that outside an election year would have drawn less political scrutiny. Nippon Steel is doubling down on its bid for its iconic U.S. rival just as opposition from the White House threatens to become insurmountable to getting the deal done.