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Japan’s Nippon Steel hopes to close its $15 billion deal to buy US Steel by year-end before Republican Donald Trump retakes the White House in January, a senior executive said, as the acquisition is core to its future growth.
The Committee on Foreign Investment in the United States has extended its review of the $15 billion deal until the end of December. Mori said on Thursday that CFIUS’ and antitrust authorities’ reviews were proceeding ‘solemnly’.“Now that the US election is over and we are in a position to have a proper discussion, there is no reason to postpone the review process any longer,” Mori added.
“The United States is essential to our continued growth as it is the world’s largest market for high-grade steel and is a growing market with little China risk,” Mori said. Mori, having paid numerous visits to the US seeking approval for the deal, believes that the takeover is in line with Trump’s goal of attracting investments, adding that his company needs to build close ties with the new administration.On Thursday, Nippon Steel revised its full-year net profit outlook to 310 billion yen from a previous forecast of 340 billion yen due to inventory losses from weak raw material prices and sluggish domestic demand.
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