The head of Japan's largest steelmaker says the acquisition of United States Steel will help Japan regain its growth potential.

Nippon Steel President Hashimoto Eiji made the comment Tuesday during an online news conference. He said that the United States is the largest market among developed countries and is expected to grow further. He added that "through our global network, we will lead the world, and in turn, we will regain Japan's growth potential".

The Japanese company said Monday it had agreed to buy US Steel for about 14 billion dollars. The American firm will become a wholly-owned subsidiary after gaining approval from regulators.

Hashimoto said that by combining the technological strengths of the two businesses, his company will be able to speed up decarbonization efforts.

He also pledged to consult the United Steelworkers union on matters affecting the labor force.

The union had issued a statement criticizing the acquisition. It said US Steel had opted to ''push aside'' the concerns of its workforce and sell to a foreign buyer.