January 6, 2024 - Nippon Steel (OTCPK:NISTF) (OTCPK:NPSCY) will successfully complete its planned acquisition of US Steel (NYSE:X), despite opposition from the United Steelworkers union and some U.S. lawmakers, Nippon Steel President Eiji Hashimoto said Friday.

"I believe we can successfully complete the planned acquisition," Hashimoto told reporters at the Japan Iron and Steel Federation's new year party, according to Reuters.

"The deal poses no harm to America... as we will make investment in line with the economic security strategies of the United States and other Western nations," the CEO said, adding Nippon Steel's investment and advanced steelmaking technology would be advantageous to the U.S.

Earlier this week, a bipartisan group of lawmakers implored President Biden to use all the tools at his disposal to scrutinize the purchase to protect the future of U.S. steel production and the security of tens of thousands of American steelworkers.