Nippon Steel announces plans to relocate US headquarters to Pittsburgh, following US Steel’s lead – Reuters

Nippon Steel announces plans to relocate US headquarters to Pittsburgh, following US Steel’s lead – Reuters

© Reuters. FILE PHOTO: Nippon Steel Corp. logos are displayed at the company’s headquarters in Tokyo, Japan March 18, 2019. REUTERS/Yuka Obayashi/File Photo

TOKYO (Reuters) – Nippon Steel would move its U.S. headquarters to Pittsburgh, where acquisition target US Steel is based, if the deal goes through, an executive said, adding to the Japanese steelmaker’s pledges to secure transaction.

Nippon Steel’s proposed $15 billion takeover of US Steel has drawn sharp criticism in the United States, where President Joe Biden said last week that the asset should remain nationally owned while his opponent in November’s presidential election, Donald Trump, promised to block the deal if it was agreed. re-elected.

The Japanese company, the world’s fourth-largest steelmaker, is in talks with the United Steelworkers (USW) union, a key union for Biden and Trump in the upcoming November elections and which has until now opposed the deal.

“Not only are we retaining the Pittsburgh headquarters – something other bidders could not do – but we plan to move Nippon Steel’s existing U.S. headquarters from Houston to Pittsburgh,” said Executive Vice President Tahahiro Mori, Principal Nippon Steel’s negotiator for the deal. , would have declared.

In comments published in a US Steel filing to the US Securities and Exchange Commission, Mori said his company remained engaged with the United Steelworkers Union and had proposed a number of specific commitments on steel safety. employment, investments and others.

Nippon Steel will honor all agreements currently in place between US Steel and USW, will not cut jobs, close facilities or further move production overseas, Mori reiterated.

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