Trump approves US Steel, Nippon Steel partnership
HAMILTON: Steel coils are seen in a yard at ArcelorMittal Dofasco's steel mill in Hamilton, Canada. President Donald Trump announced plans to double tariffs on steel and aluminum imports from 25% to 50%, affecting top steel partners, including Canada, Brazil, and Mexico. – AFP
NEW YORK: President Donald Trump signed an executive order Friday approving a partnership between US Steel and Nippon Steel after the companies reached agreement on US national security guarantees. The deal brings an end to the long-running saga over foreign ownership of a key national asset which began in December 2023, when US Steel and Nippon Steel announced plans for a $14.9 billion merger.
Nippon's acquisition of US Steel was held up by former president Joe Biden, who blocked it in his last weeks in the White House on national security grounds. Trump initially opposed Nippon Steel's takeover plan, calling for US Steel to remain domestically owned, but he threw his support behind a 'partnership' in May. 'US Steel will REMAIN in America, and keep its Headquarters in the Great City of Pittsburgh,' the US president said in a Truth Social post.
In a joint statement, US Steel and Nippon Steel said Trump 'has approved the Companies' historic partnership that will unleash unprecedented investments in steelmaking in the United States, protecting and creating more than 100,000 jobs.' 'In addition to President Trump's Executive Order approving the partnership, the Companies have entered into a National Security Agreement (NSA) with the US Government,' they said, which calls for approximately $11 billion in new investments to be made by 2028.
Trump's executive order did not provide details about the NSA but he reserved the authority to issue further orders 'as shall in my judgment be necessary to protect the national security of the United States.' Friday's announcement follows a review of the deal by the government's Committee on Foreign Investment in the United States (CFIUS), which is tasked with analyzing the national security implications of foreign takeovers of US companies. — AFP
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