Photo/Illutration Takahiro Mori, vice chairman of Nippon Steel Corp., speaks to reporters at a news conference on Nov. 7. (Ikuro Aiba)

A Nippon Steel Corp. executive expressed confidence on Nov. 7 that the company will complete its acquisition of U.S. Steel Corp. before Donald Trump, who has opposed the deal, assumes the presidency in January.

Vice Chairman Takahiro Mori said at a news conference that a reapplication―which could further extend the U.S. government’s review deadline, currently set for late December―would not be necessary.

The U.S. government is assessing the possible impact of the takeover on national security.

Mori cited the steady progress of the Committee on Foreign Investment in the United States (CFIUS) review as a key reason for Nippon Steel’s faith in closing the deal by the end of the year.

The administration of President Joe Biden was reportedly prepared to block the proposed takeover between August and September, and the CFIUS sent a letter to Nippon Steel expressing “national security concerns.”

Nippon Steel then reapplied to the committee for the review, which led to the extension of the review deadline that was set for late September.

Mori noted that with the presidential election now over, “there are no reasons for either Nippon Steel or CFIUS to delay the review any further.”

Mori also suggested that Trump’s stance, once focused on “blocking the acquisition,” has shifted.

He said that during Trump’s campaign visit in late October to the Mon Valley region in Pennsylvania, where a U.S. Steel plant is located, a local union’s senior official who backs Trump expressed support for the deal by Nippon Steel.

“Since then, Trump has not made any unfavorable remarks about the acquisition,” Mori said.

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