“There are some who make the bogus argument that this deal could threaten our national security,” Pence remarked at an October event. “But that argument ignores a much larger, more dangerous reality. China now produces more than half of the world’s steel. Russia is also producing at levels that rival the United States. Meanwhile, we’re falling behind.”
Despite this, U.S. Steel and Nippon remain hopeful, continuing to defend the acquisition. The companies argue that the deal would be mutually beneficial, enhancing the competitiveness of both firms. U.S. Steel’s shareholders have also backed the deal, and despite mounting opposition, they have held firm, with Nippon Steel given a 90-day extension by the government in September to solidify its case.
Promises to Address Concerns Fall Short for Critics
Nippon Steel has made several concessions to address concerns from critics, including the United Steelworkers union and regulatory bodies. These promises include maintaining U.S. representation on U.S. Steel’s board, keeping the Pittsburgh headquarters intact, and investing in U.S. Steel’s facilities to ensure job retention and adherence to U.S. trade rules.
