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Japanese Corp Says DOJ Requested a Delay on Purchase of U.S. Steel, Insists It Has Nothing to Do with 2024 Election

Nippon Steel announced on Friday that it had delayed the company’s planned$ 4. 1 billion takeover by three weeks after the U. S. Department of Justice requested more information regarding the deal.

Tokyo- based Nippon Steel Corp. said the deal, currently approved by U. S. Steel’s owners, is also expected to go through.

” Nippon Steel may proceed to fully engage with the assessment of the appropriate specialists”, it said in a statement.

On financial and national security-related issues, the price has drawn the administration’s opposition, as well as from former US President Donald Trump, the good Republican nominee for president in November’s election.

Nippon Steel denies that the delay was related to the schedule of the final, but it may have delayed the election.

The offer was originally scheduled to close in September. Now it will close by December, meaning it could still nearer as early as September, according to a company director, who requested the secrecy typical at Japanese companies.

More than 98 % of the Pittsburgh- based U. S. Steel Corp. stock voted at a particular investment meeting in April approved the invasion. Nippon Steel has stated that the offer has sufficient funding available.

Concerns have been raised by the acquisition of U. S. Steel into Nippon Steel, which was first announced in December of last year.

The United Steelworkers coalition has opposed the consolidation.

Next month, Fumio Kishida, the country’s prime minister, met Biden. However, the conference did not mention the subject.

When Biden visited United Steelworkers ‘ Pittsburgh headquarters late, he reiterated that the company had been an “insider British company for more than a century and it should stay completely American. “

Over the years, the world steel production has fallen behind, with China now largely overtaking Japan. Under the deal, U. S. Steel will retain its brand and its headquarters in Pittsburgh, where it was founded in 1901.

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