Column: Electric dreams turn into a nightmare for battery metals
A sector that was once racing to build new supply has been closing mines and deferring projects as low prices bite into the cost curve.
Japan’s biggest steelmaker, Nippon Steel Corp., has hired former US Secretary of State Mike Pompeo to help with its effort to acquire US Steel, the Japanese company said on Saturday.
“We look forward to working alongside him to further emphasize the ways in which Nippon Steel’s acquisition of US Steel bolsters the country’s economic and national security,” Nippon Steel said in a statement to Reuters.
Japan’s Kyodo news agency and Bloomberg, which first reported the appointment, said Pompeo had been hired as an adviser. Nippon Steel said in its statement that Pompeo had not been given a specific job title within the company.
The world’s No. 4 steelmaker added that Pompeo, who served as secretary of state during Donald Trump’s presidency, was a well-respected figure among both Democrats and Republicans.
The steelmaker issued its statement during the US night.
Although both steelmakers have received all regulatory approvals outside of the United States for their proposed $14.9 billion merger, they face political opposition and regulatory scrutiny from within the United States.
Nippon Steel also faces objections from the powerful United Steelworkers (USW) union, which fears the deal could lead to job losses. The Japanese company has pledged to honour agreements between US Steel and USW, while offering some other commitments as well.
Both Republican nominee Trump and President Joe Biden have said they would block the deal.
Nippon Steel’s key negotiator on the deal, vice chairman Takahiro Mori, visited the United States this month, including US Steel facilities, and met stakeholders and employees, the company said earlier this week.
(By Sakura Murakami and Jekaterina Golubkova; Editing by Sam Holmes and Helen Popper)
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