Nippon Steel's Acquisition of U.S. Steel Ensures American Leadership

Nippon Steel, Japan's largest steelmaker, seeks to acquire U.S. Steel, promising that core senior management and most board members will be U.S. citizens. This announcement follows concerns from Democratic presidential candidate Kamala Harris and President Joe Biden about the acquisition.

Nippon Steel, Japan's biggest steelmaker, announced its intentions to acquire U.S. Steel. Should the acquisition proceed, the core senior management and the majority of the board members at U.S. Steel will be U.S. citizens, according to a statement released on Wednesday.

The board of U.S. Steel would also feature three independent directors who are U.S. citizens. These measures come as a strategic response to alleviate concerns from U.S. policymakers.

This announcement comes on the heels of Democratic presidential candidate Kamala Harris echoing President Joe Biden's apprehensions about a Japanese company taking over a significant American industrial entity.

(With inputs from agencies.)