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[Ferro-Alloys.com] Japan PM Ishiba hails Nippon Steel acquisition of US Steel

Japan's Prime Minister Ishiba Shigeru has welcomed Nippon Steel's acquisition of US Steel. He says it could serve as a model case to guide a strong economic relationship between the two countries.

Ishiba was briefed on the deal's completion by Nippon Steel Chairman and CEO Hashimoto Eiji at the Prime Minister's Office on Wednesday.

The Japanese company made the American firm a wholly owned subsidiary last month for 14.1 billion dollars. The deal followed lengthy negotiations to gain approval from the administration of US President Donald Trump.

Hashimoto thanked Ishiba for the government's support. He added he is determined to improve the quality of US Steel's products.

"We want to prove that Japan-US cooperation in manufacturing is beneficial," said Hashimoto.

"We are focusing more on investment than tariffs in the ongoing Japan-US negotiations," said Ishiba. "So in that sense, Nippon Steel is a symbolic case."

Hashimoto later told reporters he will strive to convince US makers that working with Japanese firms will help achieve Trump's goal of reviving American manufacturing.

Tokyo, July 2 (Jiji Press)--Nippon Steel Corp. Chairman Eiji Hashimoto said in a meeting with Prime Minister Shigeru Ishiba on Wednesday that he wants to prove the value of cooperation between Japanese and U.S. manufacturers through his company's acquisition of United States Steel Corp.

"We want to improve the quality of U.S. Steel and prove that cooperation between Japanese and U.S. manufacturers is useful," Hashimoto said at the start of the meeting at the prime minister's office, in which other Nippon Steel executives also attended.

He reported to the prime minister that the takeover has been completed, and expressed gratitude for the Japanese government's support over the buyout effort.

Ishiba explained that Tokyo is continuing to urge the administration of U.S. President Donald Trump to review its high tariffs, saying that Japan is calling attention to investments rather than tariffs as it advances negotiations with the United States.

Nippon Steel's acquisition of U.S. Steel, made possible through a commitment for massive investments, "can be a model case for future Japan-U.S. relations," the prime minister said.

• [Editor:tianyawei]