Nippon Steel has enlisted former U.S. Secretary of State Mike Pompeo to help finalize its acquisition of US Steel. Pompeo, who served as the leading diplomat under the Trump administration, will provide strategic counsel for the $14.1 billion transaction.
This acquisition faces considerable resistance from potential U.S. presidential candidates and the United Steel Workers (USW) union. Whether Pompeo's involvement will sway former President Trump, a current presidential candidate, is still uncertain. Pompeo has been rumored to join Trump's administration if Trump wins the upcoming election.
In a statement from Nippon Steel, Pompeo expressed his enthusiasm, stating, "I am proud to work on a deal that not only revitalizes an iconic American company but also strengthens America's supply chain and protects American jobs."
Nippon Steel contends that acquiring US Steel will serve as a strategic countermeasure against China. By incorporating US Steel, Nippon Steel aims to achieve the necessary scale to effectively compete with Chinese rivals in the global market.
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