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Business Standard
24-05-2025
- Business
- Business Standard
Trump signals approval of Nippon deal, US Steel to Stay in Pittsburgh
President Donald Trump said on Friday that US Steel will keep its headquarters in Pittsburgh as part of what he called a planned partnership that seemed to signal that he'll approve a bid by Japan-based Nippon Steel to buy the iconic American steelmaker. Still, Trump's statement left it vague as to whether he is approving Nippon Steel's bid after he vowed repeatedly to block it. But investors seemed to take it as a sign that he would approve it, sharply pushing up US Steel's shares. Nippon Steel's nearly $15 billion bid to buy US Steel was blocked by former President Joe Biden on his way out of office and, after Trump became president, subject to another national security review by the Committee on Foreign Investment in the United States. Trump said in a statement that after much consideration and negotiation, US Steel will remain in US, and keep its Headquarters in the Great City of Pittsburgh. What Trump called a planned partnership will create at least 70,000 jobs and add $14 billion to the US economy, he said, although it wasn't clear what the terms of the deal would be or who would own US Steel under the arrangement. Josh Spoores, the Pennsylvania-based head of steel Americas analysis for commodity researcher CRU, said he's seeing this partnership' is a green light for the acquisition. The companies didn't immediately comment. Shares of US Steel jumped 21 per cent on the news, and continued rising in aftermarket trading. Keeping US Steel's headquarters had always been part of Nippon Steel's bid to buy it. To sweeten the deal, Nippon Steel had offered up a $2.7 billion commitment to upgrade facilities in Pennsylvania and Indiana on top of an earlier commitment to spend $1.4 billion. However, US Steel's CEO David Burritt warned last September that blocking Nippon Steel would mean US Steel would largely pivot away and it would raise serious questions about remaining headquartered in Pittsburgh. US Steel's board and stockholders approved Nippon Steel's bid last year. It has been opposed by the United Steelworkers union. The union had no immediate comment Friday. As recently as December, Trump said he was "totally against the once great and powerful US Steel being bought by a foreign company. Then in February, Trump suggested that Nippon Steel wouldn't buy US Steel, as it had planned, but that it would instead invest in US Steel. Last month, Trump ordered a new national security review of Nippon Steel's proposed bid.
Yahoo
23-05-2025
- Business
- Yahoo
U.S. Steel shares surge after Trump supports Nippon pact
--Shares of U.S. Steel (NYSE:X) climbed 23% today following President Donald Trump's announcement of the company's decision to keep its headquarters in the United States, coupled with a new partnership with Nippon Steel. The move is expected to generate significant economic benefits, including the creation of approximately 70,000 jobs and an addition of $14 billion to the U.S. economy. Trump's statement on Truth Social emphasized the revival of "American Made" steel and the anticipated positive impact of his tariff policies on the industry. He highlighted that the partnership would lead to the largest investment in the history of Pennsylvania, with substantial developments to take place over the next 14 months. The market's optimistic response comes in the wake of the White House confirming that Trump received a recommendation from the Committee on Foreign Investment in the U.S., which reviews such partnerships for national security implications. The announcement aligns with Trump's broader America-first agenda, which has historically resonated with investors in the manufacturing sector. The planned partnership between U.S. Steel and Nippon Steel is set to reinforce the company's presence in the U.S. and enhance its competitive edge in the global steel market. While the market has responded favorably to the news, it is important to note that the details of the partnership and its implications for U.S. Steel's future performance are yet to be fully disclosed. Related articles U.S. Steel shares surge after Trump supports Nippon pact TSX closes mixed amid more Trump trade turmoil Informatica stock soars on acquisition talks; Salesforce dips
23-05-2025
- Business
Trump says US Steel will keep HQ in Pittsburgh as part of $14B 'partnership' with Japan-based Nippon
WASHINGTON -- President Donald Trump said Friday that U.S. Steel will keep its headquarters in Pittsburgh as part of what he called a 'planned partnership' between the iconic American steelmaker and Japan-based Nippon Steel, which has sought to buy it. Nippon Steel's nearly $15 billion bid to buy U.S. Steel was blocked by former President Joe Biden and, after Trump became president, subject to another national security review by the Committee on Foreign Investment in the United States. Trump said in a statement that 'after much consideration and negotiation, US Steel will REMAIN in America, and keep its Headquarters in the Great City of Pittsburgh.' What Trump called a 'planned partnership' will create at least 70,000 jobs and add $14 billion to the U.S. economy, he said, although it wasn't clear what the terms of the deal would be or who would own U.S. Steel under the arrangement.
TechCrunch
16-05-2025
- Business
- TechCrunch
Mystery investor's attempt to stop Canoo asset sale shot down by judge
The judge in Canoo's bankruptcy case has blocked an attempt by a mysterious financier to disrupt the sale of the EV startup's assets. In a hearing Tuesday, Judge Brendan Linehan Shannon ruled the financier, a UK-based man named Charles Garson, lacked standing to request the sale to Canoo's own CEO be vacated. While Garson had told the court he was willing to pay as much as $20 million for Canoo's assets, he missed the deadline to formally submit that bid. Garson also never made it clear where he was sourcing that money from, causing the bankruptcy trustee in the case to raise concerns the bid could get blocked by the Committee on Foreign Investment in the United States. The last remaining challenge to the asset sale comes from Harbinger Motors, a commercial electric trucking startup created by a handful of former Canoo employees. Harbinger objected to the sale before it was finalized in April. The judge denied Harbinger's objection, but the company has since appealed that decision. Jason Angelo, a lawyer for Garson, framed his client's attempt to disrupt the sale as a 'David versus Goliath type matter.' Angelo tried to make the case during the hearing that Garson's conversations with the bankruptcy trustee — which were submitted to the court under seal — led him to believe he had until the end of April to formalize a bid. He also repeated the claims made in Garson's original filing about the sale allegedly being unfair because the assets ultimately went to Canoo's CEO Anthony Aquila. 'I think it would make sense here to allow a redo, so to speak,' Angelo said, citing 'the sincerity and earnestness' of his client. 'I know that is asking a lot, I do.' Mark Felger, the lawyer representing the bankruptcy trustee, disagreed by saying there was little in dispute and the negotiations were fair. 'We think it's pretty clear-cut in terms of the facts. There's no he said, she said,' he told the judge. 'Your Honor, it's all in the emails. I've read them over many, many times. I don't see any miscommunication. I don't see any deception. It was clear how we were proceeding. He knew there was a sale hearing on the ninth, and he chose not to file anything.' Techcrunch event Join us at TechCrunch Sessions: AI Secure your spot for our leading AI industry event with speakers from OpenAI, Anthropic, and Cohere. For a limited time, tickets are just $292 for an entire day of expert talks, workshops, and potent networking. Exhibit at TechCrunch Sessions: AI Secure your spot at TC Sessions: AI and show 1,200+ decision-makers what you've built — without the big spend. Available through May 9 or while tables last. Berkeley, CA | REGISTER NOW Regarding the fairness of the sale process, Felger said he and the trustee 'were concerned about this insider sale [to the CEO].' 'But they're the ones who stepped up, right and we negotiated hard. We went back and forth a dozen times on that agreement,' he said. Felger also repeated the trustee's claims, made in earlier filings and testimony, that the cost of maintaining Canoo's assets — especially its battery packs — was costing too much money. Letting a sale process drag out for too long could damage the value of the estate, he said. Judge Shannon, after hearing the arguments from Angelo, Felger, and a lawyer for Aquila, ruled swiftly against Garson. He said the financier lacked standing to properly argue his motion to vacate the sale, since he is not owed any money by Canoo and did not submit a formal bid before the deadline. 'I am sympathetic to Mr. Garson's frustration at what I sense and am satisfied is a genuine interest to provide a superior bid and purchase these assets,' Shannon said. 'But it was a complex process run by the chapter seven trustee that I don't think Mr. Garson had a full handle on exactly what the process was, and what was necessary in order to fully engage in that process.' Shannon also pointed out it was made clear to the trustee from the beginning who Aquila was, and that his role as CEO alone did not preclude him from buying his company's assets.
Yahoo
08-05-2025
- Business
- Yahoo
Trump officials weigh fast-tracking deals with Gulf wealth funds
(Bloomberg) — Trump officials have internally discussed potentially granting the United Arab Emirates, Saudi Arabia and Qatar a special fast-track status for deals, a move that could smooth the way for billions in investments, according to people familiar with the matter. The deliberations on reforming the Committee on Foreign Investment in the United States are in the early stages, said the people, who requested anonymity as the talks are private. The measures would expedite large investments into the US from key American allies, though officials could still decide against this. Some details could be revealed during President Donald Trump's visit to the Middle East next week, the people said. Treasury Secretary Scott Bessent may join the delegation to follow up on CFIUS talks, which gained momentum during meetings in Washington on the sidelines of the International Monetary Fund and World Bank Spring Meetings.20e0695a-f90d-48bd-90a9-66db1eed35b7 Fast-track status would help eliminate a major hurdle for Gulf sovereign wealth funds, which collectively oversee trillions of dollars and drew scrutiny from the Biden administration over their perceived close ties to China. While Trump officials have taken an aggressive posture towards Beijing, they've been encouraged by recent measures from some Gulf states to demonstrate that Washington remains their primary partner on defense, technology and investments, some people familiar with matter said. The White House National Security Council didn't respond to a request for comment. 'Certain investors may be well known to CFIUS — they invest a lot and file a lot with CFIUS — or are from low-risk countries,' said Emily Kilcrease, a senior fellow at the Center for a New American Security, who previously led the US Trade Representative's work on CFIUS. 'So it makes sense to get the through the process faster than, for example, a Chinese investment.' At a conference in Washington late last month, US Treasury officials signaled one key element of the CFIUS reform will be establishing a 'knowledge base' for the main Gulf investment entities to minimize the amount of new information they file for future deals, according to people familiar with the matter. Middle East wealth funds made up five of the top 10 most active global dealmakers last year, according to the research consultancy Global SWF. That list included three from the UAE — Mubadala Investment Co., Abu Dhabi Investment Authority and ADQ — as well as Saudi Arabia's Public Investment Fund and Qatar Investment Authority. Since Trump returned to office, both the UAE and Saudi Arabia have touted lofty US investment pledges, catering to Trump's demands for foreign cash. Still, any loosening of curbs on Gulf countries could face push-back within the US and Trump officials would have to iron out details. 'How will the administration weigh the geopolitical and economic benefits of deeper investment ties with the Gulf against the possibility of increasing national security risks, including the possibility of indirect technology leakage to China?' Kilcrease said. 'This is particularly important given the Gulf states' ambitions to become global tech leaders and their existing footprint of investment in high tech areas.' The UAE, which is racing to become a tech powerhouse in its own right, has also been eager to win greater access to advanced Nvidia Corp. chips that had been restricted during the Biden administration. Earlier this year, the Gulf nation promised Trump $1.4 trillion in US spending over the coming decade. That's helped accelerate conversations about potentially easing restrictions on chip sales to Abu Dhabi, Bloomberg News has reported. The Trump administration now plans to rescind some Biden-era AI chip curbs as part of a broader effort to revise global semiconductor trade restrictions and could focus on direct negotiations with nations like the UAE or Saudi Arabia. —With assistance from Matthew Martin. ©2025 Bloomberg L.P. 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
