President Trump announced that Japan's Nippon Steel will be allowed to invest heavily in US Steel, but not purchase the company outright. Both Trump and former President Biden previously vowed to block the sale, wanting to keep US Steel within the US. Trump did not disclose the details of the investment agreement but said he will meet with the head of Nippon Steel next week to finalize the plan.
WASHINGTON — President Trump said Friday that Japan ’s Nippon Steel would be allowed to invest “heavily” in US Steel, but would still not be able to outright purchase it.
“US Steel is a very important company to us. It was the greatest company in the world for 15 years, many years ago, 80 years ago, and we didn’t want to see that leave, and it wouldn’t actually leave, but the concept psychologically not good,” Trump said in the press conference. “We want elected leaders and other key decision makers to recognize the benefits of the deal as well as the unavoidable consequences if the deal fails,” US Steel CEO David Burritt said in September.
On the campaign trail, Trump vowed to keep jobs in the US and get foreign countries to open new businesses and invest in American manufacturing. He also said he and the Japanese prime minister discussed doing a “joint venture” with Alaska oil and gas in the near future — and that Japan has agreed to “importing historic new shipments of clean American liquefied natural gas in record numbers.”
INVESTMENT STEEL INDUSTRY US STEEL NIPPON STEEL JAPAN
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cleveland-Cliffs and Nucor Set Sights on US Steel AcquisitionCleveland-Cliffs and Nucor are teaming up to make a cash offer for US Steel, potentially disrupting the existing bid from Nippon Steel. The proposed deal from Cleveland-Cliffs involves selling its Big River Steel subsidiary to Nucor. The offer is expected to be in the high $30s per share, significantly lower than Nippon Steel's initial $55 per share bid. The Biden administration has delayed its decision on Nippon Steel's acquisition, prompting US Steel and Nippon Steel to file a lawsuit alleging bias in the CFIUS review.
Read more »
Trump to Meet with U.S. Steel CEO Amidst Nippon Steel's BidPresident Donald Trump is scheduled to meet with U.S. Steel CEO David Burritt on Thursday as Nippon Steel pushes its $14 billion acquisition bid. The meeting comes despite Trump's previous opposition to the deal, which former President Joe Biden blocked citing national security concerns. Nippon Steel argues its bid aligns with Trump's goals of strengthening American manufacturing and investment.
Read more »
Trump Reconsiders Nippon Steel's Acquisition of U.S. SteelPresident Trump is reportedly considering approving Japan's Nippon Steel's $14.1 billion acquisition of U.S. Steel, a reversal from his previous opposition. The president's decision remains pending, and he is expected to discuss the merger with Japanese Prime Minister Shigeru Ishiba during their meeting on Friday. Nippon Steel previously offered concessions, including giving the U.S. government veto authority over changes to U.S. Steel's production capacity, to address national security concerns.
Read more »
Trump Suggests Nippon Steel Investment Instead of U.S. Steel PurchasePresident Donald Trump announced that Nippon Steel is planning to invest in U.S. Steel instead of acquiring it, as previously planned. The announcement came amidst controversy surrounding the proposed merger, which both Trump and his predecessor, Joe Biden, had vowed to block.
Read more »
Nippon Steel to Invest in U.S. Steel Instead of Buying It, Trump AnnouncesIn a surprising turn of events, President Trump has announced that Nippon Steel will invest in U.S. Steel instead of acquiring it, reversing their initial plans. This decision comes after both Trump and former President Biden expressed opposition to the merger.
Read more »
Trump May Approve Nippon Steel's $14.9 Billion Buyout of US SteelUS President Donald Trump is considering allowing Japan's Nippon Steel to complete its $14.9 billion buyout of US Steel, despite previously opposing the deal. Trump met with Japanese Prime Minister Shigeru Ishiba and said he hadn't changed his mind, but added that they would be discussing the matter further. This potential approval would be a reversal of Trump's stance during the 2024 election campaign when he vowed to block the deal. The proposed merger has become highly politicized, with both Biden and Trump pledging to prevent it. Nippon Steel has made concessions to gain public support.
Read more »