Japanese steelmaker Nippon Steel paid money to major lobbying firm $1.3 million In the summer, plans to buy U.S. Steel were in jeopardy.
From July to September, Nippon Steel spent more money on federal lobbying than on federal lobbying combined. $1.1 million This is a sign of how seriously the company is taking threats from Washington to derail acquisition plans.
When Nippon Steel acquired U.S. Steel, members of Congress from both political and political backgrounds strongly opposed the “fundamentally problematic” sale of U.S. Steel. announced It was acquired in December last year for $15 billion.
Within days of the announcement, Nippon Steel hired Akin, Gump, Strauss, Hauer & Feld to lobby on “issues specific to the proposed merger between Nippon Steel and U.S. Steel,” the newspaper reported. Registration notification form.
Akin said he lobbied the House of Representatives, the Senate, the Office of the President, the Office of the U.S. Trade Representative, the Treasury Department, the State Department and the Department of Commerce about the proposed merger, the paper said. Third quarter disclosure Submitted on Monday.
The heavy lobbying spending coincides with a pivotal moment for consolidation in Washington.
President Biden had planned to block the deal in September, but Nippon Steel's vice chairman reportedly planned to make an 11th-hour petition to senior U.S. officials to block the deal. report According to the Financial Times.
A week after the meeting, the Committee on Foreign Investment in the United States (CFIUS) — the interagency committee that reviews major foreign investments and transactions in the United States, including proposed steel transactions — issued a request for Nippon Steel to reapply for a bid. This effectively invalidated the bid. A decision will not be made until after the election.
Mr. Akin declined to comment. Nippon Steel did not immediately respond to The Hill's request for comment.
It remains to be seen whether waiting until after the election will change the outcome of the merger, as both Vice President Harris and former President Trump have said they oppose the merger, as has the United Steelworkers union. U.S. Steel has warned that if the sale fails, it could cut jobs and move its headquarters from Pittsburgh.
