Japan’s biggest steelmaker, Nippon Steel Corp. has hired former USA Secretary of State Mike Pompeo to help with its effort to acquire US Steel, the Japanese company has said. “We look forward to working alongside him to further emphasise the ways in which Nippon Steel’s acquisition of US Steel bolsters the country’s economic and national security,” Nippon Steel said in a statement.
Japan’s Kyodo news agency and Bloomberg, which first reported the appointment, said Pompeo had been hired as an adviser. Nippon Steel said in its statement that Pompeo had not been given a specific job title within the company. The world’s No. 4 steelmaker added that Pompeo, who served as secretary of state during Donald Trump’s presidency, was a well-respected figure among both Democrats and Republicans.
Although both steelmakers have received all regulatory approvals outside of the USA for their proposed $14.9 billion merger, they face political opposition and regulatory scrutiny from within the USA. Nippon Steel also faces objections from the powerful United Steelworkers (USW) union, which fears the deal could lead to job losses. The Japanese company has pledged to honour agreements between US Steel and USW, while offering some other commitments as well.
Both Republican nominee Donald Trump and President Joe Biden have said they would block the deal. Nippon Steel’s key negotiator on the deal, Vice Chairman Takahiro Mori, visited the USA this month, including US Steel facilities, and met stakeholders and employees, the company said earlier this week.
