Latest news with #American-majority
New York Post
4 days ago
- Business
- New York Post
Steel stocks leap after Trump vows to double tariffs to 50%, make Pittsburgh ‘the Steel City again'
Steel stocks jumped Monday after President Trump vowed to double tariffs on the metal to 50% — and vowed to revive the American steel industry. Shares in mining company Cleveland-Cliffs soared 21.4% by approximately 1:00 p.m. ET, while Steel Dynamics and Nucor Corp rose 9.7% and 8.7%, respectively. During a Pennsylvania rally on Friday, Trump told steelworkers he would hike the tax on steel imports so Pittsburgh would be 'respected around the world as the Steel City again.' Advertisement President Trump speaks to US Steel workers during a Pennsylvania rally on Friday. Getty Images 'At 25%, they can sort of get over that fence. At 50%, they can no longer get over the fence,' Trump said. 'We don't want America's future to be built with shoddy steel from Shanghai, we want it built with the strength and the pride of Pittsburgh.' Advertisement The move once again inflamed global trade tensions, with the European Union arguing that Trump's plan 'undermines ongoing efforts to reach a negotiated solution.' The 27-nation trade bloc said it 'is prepared to impose countermeasures.' Trump made the visit to Pennsylvania to tout a $14 billion deal investment from Japan's Nippon Steel toward US Steel. The Japanese firm's proposed acquisition of US Steel has been controversial and delayed by lawmakers across the political spectrum for years. The terms of the new deal – which Trump has called a 'partnership,' not a merger – are still somewhat murky, though US Steel will remain an American-majority board and a US government veto over decisions. Advertisement 'This is an incredible deal for American steel workers, and it includes vital protections to ensure that all steel workers will keep their jobs and all facilities in the United States will remain open and thriving,' Trump said. President Trump has called Nippon Steel's $14 billion investment in US Steel a 'partnership,' not a merger. REUTERS 'For decades, you watched as one globalist politician after the next sold you out and sent your dreams to China and to many other foreign countries. But now you finally have a president who's working for you and fighting for you.' Trump announced the higher steel tariff just days after a federal court blocked the majority of his tariffs – excluding the taxes on steel, aluminum and auto parts and cars. Advertisement His administration quickly filed an appeal and requested a stay on the order in the meantime, which an appeals court granted. Trump blasted the court's ruling as an imposition on his executive power and demanded the Supreme Court quickly take up the issue.
Yahoo
27-05-2025
- Business
- Yahoo
US government to have control in Nippon Steel-U.S. Steel deal, Trump and McCormick say
HARRISBURG, Pa. (AP) — U.S. Sen. David McCormick said Tuesday that an arrangement that will allow Japan-based Nippon Steel (NPSCY) to invest in U.S. Steel (X) will guarantee an American CEO, a majority of board members from the United States and U.S. government approval over certain corporate functions. McCormick spoke on CNBC, four days after President Donald Trump suggested that an agreement on a 'partnership' was at hand to resolve Nippon Steel's nearly $15 billion bid to buy iconic American steelmaker U.S. Steel that has been blocked on national security grounds. Following his statement Friday, Trump on Sunday told reporters that U.S. Steel will be 'controlled by the United States, otherwise I wouldn't make the deal' and that 'it's an investment and it's a partial ownership but it'll be controlled by the U.S.A.' McCormick said the idea was Nippon Steel's proposal, even though Nippon Steel has yet to say anything about whether it is willing to accept the concept described by Trump and McCormick in place of its bid to control the company. Many of the aspects outlined by McCormick and Trump have been floated previously by Nippon Steel. Keeping U.S. Steel's headquarters had always been part of Nippon Steel's bid to buy it. Nippon had pledged to put U.S. Steel under a board made up of a majority of American citizens, with a management team made up of American citizens. Nippon Steel also had pledged not to conduct layoffs or plant closings as a result of the transaction and to protect the best interests of U.S. Steel in trade matters. To sweeten the deal, Nippon Steel had offered up a $2.7 billion commitment to upgrade U.S. Steel's two blast furnaces and pledged that it wouldn't import steel slabs that would compete with the facilities. Nippon Steel did issue an approving statement on Friday that said the 'partnership between Nippon Steel and U. S. Steel is a game changer.' But it didn't describe terms of a deal or say whether it had agreed to any final terms. McCormick said Nippon has agreed to invest $14 billion into U.S. Steel, with a 'national security agreement' that will be signed with the U.S. government. The deal entails an American CEO, an American-majority board and a 'golden share' which requires U.S. government approval of a number of the board members to will allow the U.S. to ensure that production levels aren't cut, McCormick said. The deal involves building a new electric arc furnace — a more modern steel mill that melts down scrap — and investing $2.4 billion into the U.S. Steel facilities in the Pittsburgh area, including the Edgar Thomson Works blast furnace that was built in the 19th century. McCormick said Nippon Steel will have members of the board and the entity will be "part of their overall corporate structure." He also said Nippon Steel gets what they wanted, which is access to the U.S. market and the benefits of the long-running protectionist U.S. tariffs that analysts say has helped reinvigorate domestic steel. 'I think they know what they're getting into,' McCormick said. 'They negotiated it. It was their proposal, and I think they saw it as a great strategic move for them and one that's great for the United States.' U.S. Steel's board and shareholders had approved Nippon Steel's bid, but it was opposed by the United Steelworkers union and was blocked by former President Joe Biden on his way out of office. After Trump became president, he subjected it to another national security review by the Committee on Foreign Investment in the United States. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
27-05-2025
- Business
- Yahoo
US government to have control in Nippon Steel-U.S. Steel deal, Trump and McCormick say
HARRISBURG, Pa. (AP) — U.S. Sen. David McCormick said Tuesday that an arrangement that will allow Japan-based Nippon Steel (NPSCY) to invest in U.S. Steel (X) will guarantee an American CEO, a majority of board members from the United States and U.S. government approval over certain corporate functions. McCormick spoke on CNBC, four days after President Donald Trump suggested that an agreement on a 'partnership' was at hand to resolve Nippon Steel's nearly $15 billion bid to buy iconic American steelmaker U.S. Steel that has been blocked on national security grounds. Following his statement Friday, Trump on Sunday told reporters that U.S. Steel will be 'controlled by the United States, otherwise I wouldn't make the deal' and that 'it's an investment and it's a partial ownership but it'll be controlled by the U.S.A.' McCormick said the idea was Nippon Steel's proposal, even though Nippon Steel has yet to say anything about whether it is willing to accept the concept described by Trump and McCormick in place of its bid to control the company. Many of the aspects outlined by McCormick and Trump have been floated previously by Nippon Steel. Keeping U.S. Steel's headquarters had always been part of Nippon Steel's bid to buy it. Nippon had pledged to put U.S. Steel under a board made up of a majority of American citizens, with a management team made up of American citizens. Nippon Steel also had pledged not to conduct layoffs or plant closings as a result of the transaction and to protect the best interests of U.S. Steel in trade matters. To sweeten the deal, Nippon Steel had offered up a $2.7 billion commitment to upgrade U.S. Steel's two blast furnaces and pledged that it wouldn't import steel slabs that would compete with the facilities. Nippon Steel did issue an approving statement on Friday that said the 'partnership between Nippon Steel and U. S. Steel is a game changer.' But it didn't describe terms of a deal or say whether it had agreed to any final terms. McCormick said Nippon has agreed to invest $14 billion into U.S. Steel, with a 'national security agreement' that will be signed with the U.S. government. The deal entails an American CEO, an American-majority board and a 'golden share' which requires U.S. government approval of a number of the board members to will allow the U.S. to ensure that production levels aren't cut, McCormick said. The deal involves building a new electric arc furnace — a more modern steel mill that melts down scrap — and investing $2.4 billion into the U.S. Steel facilities in the Pittsburgh area, including the Edgar Thomson Works blast furnace that was built in the 19th century. McCormick said Nippon Steel will have members of the board and the entity will be "part of their overall corporate structure." He also said Nippon Steel gets what they wanted, which is access to the U.S. market and the benefits of the long-running protectionist U.S. tariffs that analysts say has helped reinvigorate domestic steel. 'I think they know what they're getting into,' McCormick said. 'They negotiated it. It was their proposal, and I think they saw it as a great strategic move for them and one that's great for the United States.' U.S. Steel's board and shareholders had approved Nippon Steel's bid, but it was opposed by the United Steelworkers union and was blocked by former President Joe Biden on his way out of office. After Trump became president, he subjected it to another national security review by the Committee on Foreign Investment in the United States. Sign in to access your portfolio
The Hill
27-05-2025
- Business
- The Hill
US government to have control in Nippon Steel-U.S. Steel deal, Trump and McCormick say
HARRISBURG, Pa. (AP) — U.S. Sen. David McCormick said Tuesday that an arrangement that will allow Japan-based Nippon Steel to invest in U.S. Steel will guarantee an American CEO, a majority of board members from the United States and U.S. government approval over certain corporate functions. McCormick spoke on CNBC, four days after President Donald Trump suggested that an agreement on a 'partnership' was at hand to resolve Nippon Steel's nearly $15 billion bid to buy iconic American steelmaker U.S. Steel that has been blocked on national security grounds. Following his statement Friday, Trump on Sunday told reporters that U.S. Steel will be 'controlled by the United States, otherwise I wouldn't make the deal' and that 'it's an investment and it's a partial ownership but it'll be controlled by the U.S.A.' McCormick said the idea was Nippon Steel's proposal, even though Nippon Steel has yet to say anything about whether it is willing to accept the concept described by Trump and McCormick in place of its bid to control the company. Many of the aspects outlined by McCormick and Trump have been floated previously by Nippon Steel. Keeping U.S. Steel's headquarters had always been part of Nippon Steel's bid to buy it. Nippon had pledged to put U.S. Steel under a board made up of a majority of American citizens, with a management team made up of American citizens. Nippon Steel also had pledged not to conduct layoffs or plant closings as a result of the transaction and to protect the best interests of U.S. Steel in trade matters. To sweeten the deal, Nippon Steel had offered up a $2.7 billion commitment to upgrade U.S. Steel's two blast furnaces and pledged that it wouldn't import steel slabs that would compete with the facilities. Nippon Steel did issue an approving statement on Friday that said the 'partnership between Nippon Steel and U. S. Steel is a game changer.' But it didn't describe terms of a deal or say whether it had agreed to any final terms. McCormick said Nippon has agreed to invest $14 billion into U.S. Steel, with a 'national security agreement' that will be signed with the U.S. government. The deal entails an American CEO, an American-majority board and a 'golden share' which requires U.S. government approval of a number of the board members to will allow the U.S. to ensure that production levels aren't cut, McCormick said. The deal involves building a new electric arc furnace — a more modern steel mill that melts down scrap — and investing $2.4 billion into the U.S. Steel facilities in the Pittsburgh area, including the Edgar Thomson Works blast furnace that was built in the 19th century. McCormick said Nippon Steel will have members of the board and the entity will be 'part of their overall corporate structure.' He also said Nippon Steel gets what they wanted, which is access to the U.S. market and the benefits of the long-running protectionist U.S. tariffs that analysts say has helped reinvigorate domestic steel. 'I think they know what they're getting into,' McCormick said. 'They negotiated it. It was their proposal, and I think they saw it as a great strategic move for them and one that's great for the United States.' U.S. Steel's board and shareholders had approved Nippon Steel's bid, but it was opposed by the United Steelworkers union and was blocked by former President Joe Biden on his way out of office. After Trump became president, he subjected it to another national security review by the Committee on Foreign Investment in the United States.
Winnipeg Free Press
27-05-2025
- Business
- Winnipeg Free Press
US government to have control in Nippon Steel-U.S. Steel deal, Trump and McCormick say
HARRISBURG, Pa. (AP) — U.S. Sen. David McCormick said Tuesday that an arrangement that will allow Japan-based Nippon Steel to invest in U.S. Steel will guarantee an American CEO, a majority of board members from the United States and U.S. government approval over certain corporate functions. McCormick spoke on CNBC, four days after President Donald Trump suggested that an agreement on a 'partnership' was at hand to resolve Nippon Steel's nearly $15 billion bid to buy iconic American steelmaker U.S. Steel that has been blocked on national security grounds. Following his statement Friday, Trump on Sunday told reporters that U.S. Steel will be 'controlled by the United States, otherwise I wouldn't make the deal' and that 'it's an investment and it's a partial ownership but it'll be controlled by the U.S.A.' McCormick said the idea was Nippon Steel's proposal, even though Nippon Steel has yet to say anything about whether it is willing to accept the concept described by Trump and McCormick in place of its bid to control the company. Many of the aspects outlined by McCormick and Trump have been floated previously by Nippon Steel. Keeping U.S. Steel's headquarters had always been part of Nippon Steel's bid to buy it. Nippon had pledged to put U.S. Steel under a board made up of a majority of American citizens, with a management team made up of American citizens. Nippon Steel also had pledged not to conduct layoffs or plant closings as a result of the transaction and to protect the best interests of U.S. Steel in trade matters. To sweeten the deal, Nippon Steel had offered up a $2.7 billion commitment to upgrade U.S. Steel's two blast furnaces and pledged that it wouldn't import steel slabs that would compete with the facilities. Nippon Steel did issue an approving statement on Friday that said the 'partnership between Nippon Steel and U. S. Steel is a game changer.' But it didn't describe terms of a deal or say whether it had agreed to any final terms. McCormick said Nippon has agreed to invest $14 billion into U.S. Steel, with a 'national security agreement' that will be signed with the U.S. government. The deal entails an American CEO, an American-majority board and a 'golden share' which requires U.S. government approval of a number of the board members to will allow the U.S. to ensure that production levels aren't cut, McCormick said. Monday Mornings The latest local business news and a lookahead to the coming week. The deal involves building a new electric arc furnace — a more modern steel mill that melts down scrap — and investing $2.4 billion into the U.S. Steel facilities in the Pittsburgh area, including the Edgar Thomson Works blast furnace that was built in the 19th century. McCormick said Nippon Steel will have members of the board and the entity will be 'part of their overall corporate structure.' He also said Nippon Steel gets what they wanted, which is access to the U.S. market and the benefits of the long-running protectionist U.S. tariffs that analysts say has helped reinvigorate domestic steel. 'I think they know what they're getting into,' McCormick said. 'They negotiated it. It was their proposal, and I think they saw it as a great strategic move for them and one that's great for the United States.' U.S. Steel's board and shareholders had approved Nippon Steel's bid, but it was opposed by the United Steelworkers union and was blocked by former President Joe Biden on his way out of office. After Trump became president, he subjected it to another national security review by the Committee on Foreign Investment in the United States.
