U.S. Steel and Nippon Steel say their ‘partnership' is sealed
U.S. Steel and Nippon Steel announced Friday that they had entered into an agreement with the U.S. government to seal the terms of a 'partnership' between the companies, more than a year after the Japanese steelmaker first tried to buy its U.S. competitor.
Then-President Joe Biden, under pressure from the United Steelworkers union, blocked the deal on the basis that it was a threat to national security. President Donald Trump, who also initially opposed the deal, reversed himself and decided to look for a way to revive it.
The companies referred to the deal as a partnership, echoing language that Trump used in describing the transaction he blessed three weeks ago. But U.S. Steel has not indicated to shareholders that it has altered the $14.9 billion sale to Nippon Steel that they approved in April 2024.
'We thank President Trump and his administration for their bold leadership and strong support for our historic partnership,' the companies said in a statement. 'This partnership will bring a massive investment that will support our communities and families for generations to come.'
The companies said they had entered into agreement with the U.S. government to alleviate any security concerns posed by the deal, known as a national security agreement, which calls for roughly $11 billion in new investments by 2028.
The deal will also give the U.S. government a 'golden share' in the company, a rarely used practice through which the government takes a stake in company. In the United States, the government has typically taken a stake only in companies that are ailing or in particular need of government attention, like General Motors during the 2008 financial crisis.
This article originally appeared in The New York Times.
Copyright 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CBS News
11 minutes ago
- CBS News
"No Kings" protests taking place in Northern California on Saturday
Multiple protests are expected throughout Northern California as part of the "No Kings" movement on Saturday. The protests coincide with President Donald Trump's birthday and the military parade celebrating the 250th anniversary of the U.S. Army in Washington D.C., which Mr. Trump will be attending. "On June 14—Flag Day— President Trump wants tanks in the street and a made-for-TV display of dominance for his birthday," the No Kings website states. "We're not gathering to feed his ego. We're building a movement that leaves him behind." Northern California events A protest is planned at the California State Capitol on the West steps in Sacramento. It will begin at 10 a.m. and is scheduled to end at 1 p.m. According to Indivisible Sacramento, the event host, there will be speakers at the Capitol protest. Some of the speakers include Assembly Member Maggie Krell and Sacramento council member Roger Dickinson. Other protests are planned at the Roseville Galleria, Galt City Hall, East Bidwell Street/Highway 50 Overpass in Folsom, San Joaquin Delta College in Stockton. A protest is scheduled at 10 a.m. in Woodland, with people marching from the new courthouse to the old courthouse. In Davis, an event is planned at the Superior Court at 10 a.m. Non-violent protests The organizing page for No Kings states the movement is committed to non-violent action. "We expect all participants to de-escalate any potential confrontation with those who disagree with our values and to act lawfully at these events," its website states.
Yahoo
11 minutes ago
- Yahoo
The Dollar Is Crumbling, And Hedge Fund Analyst Says A New Global Trade Is Brewing
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. As the U.S. dollar has slumped to its lowest level in over two years, emerging market stocks rallied in near-perfect inverse fashion—a trend that may be just at its early stages. The iShares MSCI Emerging Markets ETF (NYSE:EEM), which holds more than 800 EM stocks, posted its ninth consecutive daily gain—the longest streak since the fund's inception in 2016—reaching levels last seen before Russia's invasion of Ukraine. 'As an investor, I want to operate under the assumption that... the dollar is going to be devaluing," Otavio Costa, macro analyst at Crescat Capital, said in an exclusive interview with Benzinga. "You want to buy natural resources, you want to buy hard assets, but you also want to buy emerging markets in a big way,' he added. Trending: Let your money work smarter: . No hidden fees, no commitment. At the core of Costa's view is the widening gap in interest payments between the U.S. and its developed peers. The U.S. spends about 5% of its gross domestic product on interest—when combining federal and local levels—far exceeding developed peers like Germany, Japan, and Canada, where interest costs are about 1%. Because the U.S. has far less fiscal flexibility, Costa believes it will be forced to cut rates more aggressively than other economies. For Costa, the implication is clear: 'That's going to translate into interest rates differentials contracting and causing the dollar to fall."Costa emphasized the valuation gap between U.S. and emerging market equities. "The Cyclically Adjusted Price-to-Earnings (CAPE) ratio of the U.S. is about 35, one of the highest in history. You look at Brazil, and it's about 12." he said. "Why would you not deploy capital there?' Costa sees emerging markets, hard assets and undervalued foreign equities as the likely beneficiaries of this rotation. He sees particular value in Brazil, not just in equities but in fixed income as well. "In Brazil, the equity market looks attractive, the bond market looks very attractive," Costa said. Among developed markets, Costa is particularly bullish on Canada. He sees the Canadian dollar—historically linked to oil and natural gas—on the verge of a breakout, fueled by its commodity exposure and underweight positioning in global portfolios. "The Canadian dollar is a contrarian play that could benefit from U.S. weakness and commodity strength," he said, adding that Canadian mining companies could also enjoy capital inflows. He added that capital markets are already signaling a shift. "Argentina starts doing well all of a sudden after politics changes... India is doing quite well. Japanese equities doing better than the U.S. Now you're seeing European equities outperform U.S. equities." "These things are just starting to occur," he said. "They're big moves." Read Next: Level up your portfolio tracking with Snowball Analytics: see all your investments in one dashboard with real-time stock and dividend tracking for free today. Image created using artificial intelligence via Midjourney. This article The Dollar Is Crumbling, And Hedge Fund Analyst Says A New Global Trade Is Brewing originally appeared on Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
USA Today
13 minutes ago
- USA Today
Melania Trump compared to 'grandma's couch' in floral pants outfit with bright heels
Melania Trump compared to 'grandma's couch' in floral pants outfit with bright heels Show Caption Hide Caption Melania Trump statue sawed off, stolen A bronze statue of Melania Trump has gone missing in her home country of Slovenia, five years after it replaced a wooden statue that was burned. First Lady Melania Trump's risky fashion behavior has fully bloomed. With summer underway, the ultra-private wife of President Donald Trump made an appearance on June 12, as dozens flocked to the White House South Lawn for the 2025 Congressional Picnic. Again, Trump raised eyebrows after sporting Dolce and Gabbana peony-print cotton jacquard pants and pink suede Manolo Blahnik pumps while greeting guests during the event. The List, an entertainment and lifestyle site geared towards women, said the "eye-popping pants look like grandma's couch." Melania Trump wears black veil to Pope Francis' funeral as President Trump dons blue suit Trump's fashion choices, which are thought to reveal subtle hints about her mood, are the subject of fierce controversy and constant attention. On Jan. 20, she emerged in a dark navy silk wool coat and skirt with an ivory silk crepe blouse designed by Adam Lippes for her husband's second inauguration ceremony. Although she often surprises watchers with her bargain buys and luxurious looks alike, the low-key black dress (and viral matching wide-brim hat) at the swearing-in was a stark departure from the Jacqueline Kennedy-inspired powder blue dress that she wore for her husband's first inauguration in 2017. The former fashion model — and first practicing Catholic to serve as first lady since Jacqueline Kennedy — also made headlines when she attended the April 26 service of Pope Francis in a double-breasted coat dress paired with a traditional veil, gloves and black stilettos.
