The world's fourth-largest steelmaker's planned $14.9
billion deal has drawn criticism from Democratic and Republican lawmakers and
the powerful United Steelworkers union, the main union at the third-largest
U.S. steel company.
The White House has also expressed the need for
"serious scrutiny" of the deal given the company's role in U.S. steel
production that the government regards as critical to national security.
"I believe we can successfully complete the planned
acquisition," Nippon Steel President Eiji Hashimoto told reporters on the
sideline of the Japan Iron and Steel Federation's new year party on Friday.
"The deal poses no harm to America... as we will make
investment in line with the economic security strategies of the United States
and other Western nations," he said.
Hashimoto said the substantial investment from Nippon Steel
and the use of the Japanese company's advanced steel-making technology would be
advantageous to the United States.
He also said the current labour agreement would be
maintained, adding: "Taking good care of our employees and labour union is
our speciality."
Acknowledging the challenges, Hashimoto said that Nippon
Steel had anticipated hurdles, including differing opinions, objections, and
government's scrutiny. -Reuters