INTERVIEW: U.S. Steel Buyout May Get OK If Biden Re-Elected

Economy

New York, June 10 (Jiji Press)--Nippon Steel Corp.'s planned acquisition of United States Steel Corp. may be approved by the U.S. government if President Joe Biden wins a second term in the presidential election in November, a former senior U.S. trade official has said.

If Biden is reelected, there is a good chance that the U.S. government will approve the planned buyout on condition that Nippon Steel wins support from the United Steelworkers (USW) labor union, Glen Fukushima, former deputy assistant U.S. Trade Representative for Japan and China, said in a recent interview in Japanese with Jiji Press.

If former President Donald Trump returns to power, the possibility of Nippon Steel realizing its buyout of U.S. Steel would be lower, Fukushima, a third-generation Japanese-American, said.

Pennsylvania, where U.S. Steel's headquarters is located, is regarded as one of the swing states that will decide the outcome of the presidential election. The eastern U.S. state is important for both Biden and Trump, Fukushima said.

The planned U.S. Steel buyout developed into a political issue as both Biden and Trump have expressed opposition to the acquisition by Nippon Steel because they want to win union votes and gain an advantage in the election campaign, pundits said.

[Copyright The Jiji Press, Ltd.]

Jiji Press