Nippon Steel Corp Hires Mike Pompeo to Assist in U.S. Steel Acquisition
The largest steel producer in Japan, Nippon Steel Corp, has hired former U.S. Secretary of State Mike Pompeo to assist in their efforts to acquire U.S. Steel, the Japanese company announced on Saturday, as reported by Reuters via News.ro.
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“We look forward to working with him to further emphasize how Nippon Steel’s acquisition of U.S. Steel supports the economic and national security of the country,” Nippon Steel stated.
Kyodo news agency in Japan and Bloomberg, who first reported on the appointment, stated that Pompeo has been hired as a consultant. Nippon Steel confirmed this decision.
The Future of Steel Industry
One of the world’s largest steel producers has announced that former Secretary of State Mike Pompeo will not be given a specific role within the company. The company, which is the fourth largest steel producer in the world, stated that Pompeo, who served as Secretary of State during Donald Trump’s presidency, was a respected figure among both Democrats and Republicans.
While both steel producers have received all regulatory approvals outside of the United States for their proposed $14.9 billion merger, they are facing political opposition and regulatory scrutiny from within the United States.
Nippon Steel is also facing objections from the powerful United Steelworkers (USW) union, which fears that the agreement would lead to job losses and decreased worker protections.
Controversial Deal Threatens Jobs
A controversial deal between Japanese company Nippon Steel and U.S. Steel could potentially lead to job losses. The Japanese company has committed to honoring agreements between U.S. Steel and USW, while also making other commitments. Both Republican candidate Trump and President Joe Biden have stated that they will block the agreement.
Nippon Steel’s key negotiator for the deal, Vice President Takahiro Mori, visited the United States this month, including U.S. Steel factories, and met with stakeholders and employees, the company announced earlier this week.
