Nippon Steel Corp hopes to complete its planned acquisition of United States Steel Corp by the end of the year, before U.S. President-elect Donald Trump returns to the White House, an executive said.

"We are now in a position to make measured discussions," Nippon Steel Vice Chairman and Executive Vice President Takahiro Mori told a press conference. "Make no mistake, we can close this deal within the year" ahead of Trump's January inauguration, he added.

Both Trump, who claimed victory and a nonconsecutive second term as president in Wednesday's election, and outgoing U.S. President Joe Biden have said they would block the takeover of the iconic American firm by Japan's largest steelmaker.

The U.S. Committee on Foreign Investment is reviewing the proposed acquisition until late December.

Mori said the review process was going "smoothly."

But even if the Biden administration had approved of the takeover, a possibility remained of a government under Trump overturning it.

"The previous Trump administration said it would attract foreign investment and create new jobs," Mori said. "This (acquisition) is extremely in line with such a policy."