Nippon Steel’s President, Hashimoto, Appointed CEO to Finalise US Steel Deal

On Friday, Nippon Steel announced that President Eiji Hashimoto will be appointed CEO and Chairman, continuing to lead the company as it strives to take over U.S. Steel. Nippon Steel said in a statement that Executive Vice President Tadashi Imai will assume the post of president and Chief Operating Officer (COO).

Last month, Hashimoto finalised a $14.9 billion agreement to purchase the renowned U.S. steelmaker. However, he is now encountering challenges as the United Steelworkers Union and certain lawmakers have voiced criticism against the acquisition. Additionally, the White House has committed to subjecting the deal to “serious scrutiny.” To effectively manage this deal and other planned investments, Nippon Steel has reintroduced CEO and COO titles, which were previously absent in the current organisational structure.

Since assuming the position in 2019, Hashimoto has implemented significant restructuring measures, including the closure of several domestic mills. Simultaneously, he has adjusted the negotiation approach with key industry clients like Toyota Motor to swiftly transfer the burden of increasing material costs to their product prices.