TOKYO (Reuters) – Nippon Steel President Tadashi Imai said on Tuesday talks are set to start with the U.S. Department of Commerce as it aims to revive its bid to purchase U.S. Steel.
The Japanese company’s previous merger agreement with U.S. Steel, blocked by the administration of former President Joe Biden, will serve as a starting point for discussions, Imai said.
Earlier this month, U.S. President Donald Trump said that Nippon Steel’s $14.9 billion bid for U.S. Steel would take the form of an investment instead of a purchase.
His remark came at the Oval Office with Japanese Prime Minister Shigeru Ishiba at his side.
But Nippon Steel’s Imai said financial and capital investments are interconnected with its proposed acquisition of the American company.
“We will be discussing with the U.S. government and I think the basic starting point will be the current merger agreement,” Imai said, adding that the Japanese company will talk with the U.S. government about what it can do to get President Trump’s approval.
(Reporting by Yuka Obayashi and Rocky Swift; Editing by Tom Hogue and Christopher Cushing)
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