NIPPON STEEL CORPORATION Jun. 27, 2024
Nippon Steel Corporation
The purpose of Nippon Steel Corporation's ("Nippon Steel") acquisition of United States Steel Corporation ("U. S. Steel") is to protect and grow U. S. Steel in the United States. Following the acquisition of U. S. Steel, Nippon Steel will not interfere with U. S. Steel's decisions on trade matters and its determination to pursue trade measures under U.S. law such as antidumping duty (AD) / countervailing duty (CVD) and/or safeguard (SG) measures, including with respect to unfairly traded imports from countries in which Nippon Steel has operations. These positions are consistent with Nippon Steel's purpose of the acquisition, and commitments to U. S. Steel and its employees.
Nippon Steel's partnership with U. S. Steel fits within Nippon Steel's global growth strategy, which includes a vision to achieve "100 million ton global crude steel capacity". Nippon Steel and U. S. Steel aim to move forward together as "the best steelmaker with world-leading capabilities". To realize this goal, Nippon Steel has a strong interest in ensuring the competitiveness of U. S. Steel in the U. S. market. This is why Nippon Steel is making additional investments of at least $1.4 billion in U. S. Steel's integrated steel mills and allowing it to access Nippon Steel's technologies and R&D advancements, which will help U. S. Steel produce more advanced and environmentally sustainable steel products for U.S. customers. Nippon Steel will also encourage U. S. Steel to utilize U.S. trade remedy law to seek relief when it is being injured by unfairly traded imports to achieve our common goal.
Nippon Steel has always respected the U.S. legal regime in assessing and remedying the impact of imports on the U.S. domestic industry. Nippon Steel will continue its practice of fully complying with U.S. trade remedy laws. As such, Nippon Steel's basic policy with regards to trade issues is as follows:
(1) Nippon Steel exports high-quality steel products to countries where it is difficult for local steelmakers to supply steel products in the necessary quantity or quality in response to customer needs.
(2) Nippon Steel respects the trade remedy laws of each country and believes that all countries have the right to enforce trade laws to achieve fair trade, including imposing AD/CVD/SG measures in a manner consistent with domestic and international legal obligations.
For inquiries
https://www.nipponsteel.com/en/contact/
Return to Press Release
Attachments
- Original Link
- Permalink
Disclaimer
Nippon Steel Corporation published this content on 27 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 June 2024 02:05:04 UTC.
