(19 Jun 2025)
RESTRICTIONS SUMMARY:
ASSOCIATED PRESS
Tokyo – 19 June 2025
1. Tilt down of building in which Nippon Steel Corporation’s headquarters is located
2. Sign, reading "Nippon Steel"
3. SOUNDBITE (Japanese) Eiji Hashimoto, Nippon Steel’s Chairman and CEO:
"Thanks to (U.S. President Donald) Trump’s historic and visionary decision, our company managed to seal the partnership, obtaining all the shares of U.S. Steel."
4. Hashimoto and Takahiro Mori, Nippon Steel’s Representative Director and Vice Chairman, duing news conference
5. SOUNDBITE (Japanese) Eiji Hashimoto, Nippon Steel’s Chairman and CEO:
"First, we will reduce the cost by putting all our knowledge in operation and plant management. It’s an undeniable fact that the cost is high. Additionally, we will look into expanding the product range."
6. Reporters during the news conference
7. SOUNDBITE (Japanese) Takahiro Mori, Nippon Steel’s Representative Director and Vice Chairman:
"We faced some critical challenges (during the talks with U.S. Steel). Every time I faced them, I asked myself how can I turn the tables? Why is the other party making this move? And I somehow managed to pull through by making suggestions which I believe can reverse things."
8. Reporter asking questions
9. SOUNDBITE (Japanese) Eiji Hashimoto, Nippon Steel’s Chairman and CEO:
"Making the most of what we learned from this case with U.S. Steel, we plan to expand our overseas business."
10. Exterior of building in which Nippon Steel Corporation’s headquarters is located
STORYLINE:
After the announcement of a "historic partnership” with U.S. Steel, Japan’s Nippon Steel reported that it finally sealed the deal to buyout the iconic American steelmaker.
The deal that gives the U.S. government a say in some matters, comes a year-and-a-half after the Japanese company made its first proposal.
At their headquarters in Tokyo, Nippon Steel’s Chairman and CEO, Eiji Hashimoto held a news conference on Thursday in which he repeatedly praised the Trump administration for "making the right decision."
Takahiro Mori, Nippon Steel’s Representative Director and Vice Chairman, who led the talks with their American counterpart, admitted that the journey was not easy.
Nippon Steel and U.S. Steel said Wednesday they have finalized their “historic partnership,” a deal that gives the U.S. government a say in some matters and comes a year-and-a-half after the Japanese company first proposed its nearly $15 billion buyout of the iconic American steelmaker.
The pursuit by Nippon Steel for the Pittsburgh-based company was buffeted by national security concerns and presidential politics in a premier battleground state, dragging out the transaction for more than a year after U.S. Steel shareholders approved it.
It also forced Nippon Steel to expand the deal, including adding a so-called “golden share” provision that gives the federal government the power to appoint a board member and a say in company decisions that affect domestic steel production and competition with overseas producers.
“Together, Nippon Steel and U.S. Steel will be a world-leading steelmaker, with best-in-class technologies and manufacturing capabilities,” the companies said.
The combined company will become the world’s fourth-largest steelmaker in an industry dominated by the Chinese, and bring what analysts say is Nippon Steel’s top-notch technology to U.S. Steel’s antiquated steelmaking processes, plus a commitment to invest $11 billion to upgrade U.S. Steel facilities.
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