Nippon Steel to start talks with US Commerce Dept over US Steel bid: Prez

The Japanese company's previous merger agreement with US Steel, blocked by the administration of former President Joe Biden, will serve as a starting point for discussions, Prez Imai said

Nippon Steel President Tadashi Imai said on Tuesday talks are set to start with the US Department of Commerce as it aims to revive its bid to purchase US Steel. 

The Japanese company's previous merger agreement with US Steel, blocked by the administration of former President Joe Biden, will serve as a starting point for discussions, Imai said. 

Earlier this month, US President Donald Trump said that Nippon Steel's $14.9 billion bid for US Steel would take the form of an investment instead of a purchase. 

His remark came at the Oval Office with Japanese Prime Minister Shigeru Ishiba at his side. 

But Nippon Steel's Imai said financial and capital investments are interconnected with its proposed acquisition of the American company. 

"We will be discussing with the US government and I think the basic starting point will be the current merger agreement," Imai said, adding that the Japanese company will talk with the US government about what it can do to get President Trump's approval. 

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