Investing.com -- Nippon Steel’s executives are not backing down from their intent to enter into a transaction with US Steel , despite opposition from President Donald Trump.

The Japanese company’s President, Tadashi Imai, reaffirmed the firm’s stance at a press event held by the Japan Iron & Steel Federation in Tokyo on Monday.

Imai stated that the proposed project would play a significant role in bolstering the American steel industry. He also mentioned that discussions between the two companies and US authorities are still in progress.

President Trump, last month, voiced his disapproval of an outright purchase of US Steel by Nippon Steel. However, he did express support for the idea of the Japanese steelmaker making an investment in the US company. This was revealed at a joint press conference with Japanese Prime Minister Shigeru Ishiba.

Imai further clarified that negotiations are ongoing to reach a consensus on the terms of the investment and future investment plans.

It should be noted that the companies had previously announced a $14.1 billion acquisition plan in 2023. However, this deal was officially blocked by President Joe Biden in January. Despite these challenges, Nippon Steel remains committed to its pursuit of a transaction with US Steel.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.