Japanese Steel Acquisition of U.S. Steel "Against Trump" "Completed by the End of the Year"

U.S. steelmaker Japan Steel, which seeks to acquire U.S. Steel, said it could complete the acquisition by the end of this year despite Trump's opposition.

"The end of the U.S. presidential election has provided an environment for cool discussions," Takahiro Mori, vice chairman of Japan Steel, said at a press conference today. "Unless there is a big judgment, we can definitely complete the acquisition by the end of this year."

If Trump opposes it, he said, "I'll go talk," and argued, "It's very close to Trump's policy of attracting foreign investment."

Japan Steel is seeking to acquire US Steel for $14.9 billion and 19.9 trillion won.

However, President Biden and President-elect Trump, who were conscious of workers' votes, opposed it, causing difficulties.

The U.S. Foreign Investment Review Board, which is reconsidering the acquisition plan at the request of Japan Steel, is expected to conclude by the end of this year.

Trump has made clear during his campaign that he opposes the takeover several times, and has also said the deal should not be completed before he arrives at the White House.