TOKYO, May 9 Reuters Japan39;s top steelmaker, Nippon Steel, is sticking to its plan to close a deal by yearend to buy U.S. Steel, which it expects to boost output and profits, the company said on Thursday, despite resistance to the transaction in the U.S.
In December, Nippon Steel offered nearly 15 billion to take over iconic U.S. Steel, drawing resistance from both President Joe Biden and Donald Trump, his likely challenger in the Nov. 5 election, as well as the United Steelworkers USW union.
U.S. Steel products will remain mined, melted and made in America and will continue supplying further sophisticated steel products to American industry, Nippon Steel said.
It reiterated its latest guidance to close the deal by yearend, pending U.S. approvals.
This month, Nippon Steel moved the deadline from endSeptember after the U.S. Department of Justice sought more details and materials in an antitrust review. The European Commission has already approved the deal.
The takeover should bring Nippon Steel39;s global crude steel capacity to 86 million tons per year, close to its goal of 100 million, and to boost underlying business profit to 1 trillion yen after March 2025 from 935 billion yen last year.
To win support from the USW, Nippon Steel has pledged to move its U.S. headquarters to Pittsburgh, where U.S. Steel is based, offering specific commitments on job security and additional investments if the deal goes through.
Takahiro Mori, Nippon Steel39;s vice chairman and…