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The
world's fourth-largest steelmaker's planned $14.9 billion deal
has drawn criticism from Democratic and Republican lawmakers and
the powerful United Steelworkers union, the main union at the
third-largest U.S. steel company.
The White House has also expressed the need for "serious
scrutiny" of the deal given the company's role in U.S. steel
production that the government regards as critical to national
security.
"I believe we can successfully complete the planned
acquisition," Nippon Steel President Eiji Hashimoto told
reporters on the sideline of the Japan Iron and Steel
Federation's new year party on Friday.
"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," he said.
Hashimoto said the substantial investment from Nippon Steel and
the use of the Japanese company's advanced steel-making
technology would be advantageous to the United States.
He also said the current labor agreement would be maintained,
adding: "Taking good care of our employees and labor union is
our specialty."
Acknowledging the challenges, Hashimoto said that Nippon Steel
had anticipated hurdles, including differing opinions,
objections, and government's scrutiny.
(Reporting by Yuka Obayashi; editing by Barbara Lewis)
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