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Yahoo
3 days ago
- Business
- Yahoo
Trump to celebrate 'partnership' between US Steel and Nippon Steel, a merger he once opposed
President Donald Trump on Friday visits Pittsburgh to celebrate what he says is a "planned partnership" between U.S. Steel and the Japanese company Nippon Steel, after previously opposing a merger. Trump is set to deliver remarks at 5 p.m. ET about the "U.S. Steel Deal" at a rally at the Irvin Works in Allegheny County, according to the White House. Trump announced the agreement on his conservative social media platform last week. He said it will create at least 70,000 jobs and add $14 billion to the American economy. The "investment," he wrote, would take place over the next 14 months and keep U.S. Steel headquartered in Pennsylvania. Trump, during the 2024 campaign, pledged to block the Japanese steelmaker from purchasing U.S. Steel. As president-elect, he repeated that vow. "I am totally against the once great and powerful U.S. Steel being bought by a foreign company, in this case Nippon Steel of Japan," Trump wrote in a post to his conservative social media platform in early December. The Biden administration in January blocked the sale of U.S. Steel to Nippon Steel over national security concerns. The White House said at the time it was important to keep one of the largest steel producers in the nation an American-owned company. MORE: Biden blocks US Steel takeover by Japan-based Nippon The reaction was mixed. The president of the United Steelworkers union, which represents hundreds of thousands of workers, celebrated the move while local leaders expressed concern about U.S. Steel's future in southwestern Pennsylvania. Weeks after the inauguration, Trump met with U.S. Steel CEO David Burritt at the White House. In early April, he ordered a new national security review of Nippon Steel's proposed bid to acquire U.S. Steel. The White House has provided few details, other than those mentioned by Trump in his social media post, about the agreement. Peter Navarro, Trump's trade adviser, insisted on Thursday that U.S. Steel "owns" the company. "Nippon Steel is going to have some involvement but no control of the company," Navarro told reporters outside the White House, though he didn't take any more questions on the agreement. Nippon was seeking 100% ownership of U.S. Steel in talks with Trump, Nikkei Asia reported earlier this month. U.S. Steel issued a brief statement last week in which it said Trump "is a bold leader and businessman who knows how to get the best deal for America." "U. S. Steel will remain American, and we will grow bigger and stronger through a partnership with Nippon Steel that brings massive investment, new technologies and thousands of jobs over the next four years," the company said without sharing more specifics. Trump to celebrate 'partnership' between US Steel and Nippon Steel, a merger he once opposed originally appeared on
3 days ago
- Business
Trump to celebrate 'partnership' between US Steel and Nippon Steel, a merger he once opposed
President Donald Trump on Friday visits Pittsburgh to celebrate what he says is a "planned partnership" between U.S. Steel and the Japanese company Nippon Steel, after previously opposing a merger. Trump is set to deliver remarks at 5 p.m. ET about the "U.S. Steel Deal" at a rally at the Irvin Works in Allegheny County, according to the White House. Trump announced the agreement on his conservative social media platform last week. He said it will create at least 70,000 jobs and add $14 billion to the American economy. The "investment," he wrote, would take place over the next 14 months and keep U.S. Steel headquartered in Pennsylvania. Trump, during the 2024 campaign, pledged to block the Japanese steelmaker from purchasing U.S. Steel. As president-elect, he repeated that vow. "I am totally against the once great and powerful U.S. Steel being bought by a foreign company, in this case Nippon Steel of Japan," Trump wrote in a post to his conservative social media platform in early December. The Biden administration in January blocked the sale of U.S. Steel to Nippon Steel over national security concerns. The White House said at the time it was important to keep one of the largest steel producers in the nation an American-owned company. The reaction was mixed. The president of the United Steelworkers union, which represents hundreds of thousands of workers, celebrated the move while local leaders expressed concern about U.S. Steel's future in southwestern Pennsylvania. Weeks after the inauguration, Trump met with U.S. Steel CEO David Burritt at the White House. In early April, he ordered a new national security review of Nippon Steel's proposed bid to acquire U.S. Steel. The White House has provided few details, other than those mentioned by Trump in his social media post, about the agreement. Peter Navarro, Trump's trade adviser, insisted on Thursday that U.S. Steel "owns" the company. "Nippon Steel is going to have some involvement but no control of the company," Navarro told reporters outside the White House, though he didn't take any more questions on the agreement. Nippon was seeking 100% ownership of U.S. Steel in talks with Trump, Nikkei Asia reported earlier this month. U.S. Steel issued a brief statement last week in which it said Trump "is a bold leader and businessman who knows how to get the best deal for America." "U. S. Steel will remain American, and we will grow bigger and stronger through a partnership with Nippon Steel that brings massive investment, new technologies and thousands of jobs over the next four years," the company said without sharing more specifics.
Yahoo
3 days ago
- Business
- Yahoo
Trump to celebrate Nippon Steel 'deal' with rally at Pennsylvania plant
WASHINGTON (Reuters) -U.S. President Donald Trump heads to Pittsburgh, Pennsylvania on Friday to headline a rally to celebrate Nippon Steel's (NPSCY, 5401.T) "planned partnership" with US Steel (X), signaling final approval for the deal could be on the horizon. Proponents of the transaction are hoping his visit to the state where U.S. Steel is headquartered will cap a tumultuous 18-month effort by Nippon Steel to buy the iconic American company, beset by union opposition and two national security reviews. But the deal is possibly not entirely done. Following Trump's post on Truth Social last Friday announcing the rally and appearing to endorse the merger, he sowed doubt on Sunday, describing the deal to reporters as an investment with "partial ownership," with control residing with the U.S. Trump will deliver remarks at a U.S. Steel plant at 5 p.m. ET (2100 GMT) on Friday in the political swing state, which he won in the 2024 election. The White House described his remarks as being about the "U.S. Steel Deal." Trump technically has until next Thursday to decide whether to approve or scuttle the deal, after the Committee on Foreign Investment in the U.S. last week completed a second review of the merger. But the timeline could slip. The road to Friday's rally has been a bumpy one. Nippon Steel offered $14.9 billion for U.S. Steel in December 2023, seeking to capitalize on an expected ramp up in steel purchases, thanks to the bipartisan infrastructure law. But the tie-up faced headwinds from the start, with both then-President Joe Biden and Trump asserting U.S. Steel should remain American-owned as they sought to woo voters in Pennsylvania ahead of the November presidential elections. Former Vice President Kamala Harris, who became the Democratic nominee in 2024 after Biden stepped aside, also said U.S. Steel should remain domestically owned. Following a previous CFIUS-led review, Biden blocked the deal in January on national security grounds. The companies sued, arguing they did not receive a fair review process, a charge the Biden White House disputed. The steel giants saw a new opportunity in the Trump administration, which opened a fresh 45-day national security review into the proposed merger last month. But Trump's public comments, ranging from welcoming a simple "investment" in U.S. Steel by the Japanese firm to suggesting a minority stake for Nippon Steel, did little to shore up investor confidence in an eventual green light. Reuters reported last week that Nippon Steel had floated plans to invest $14 billion in U.S. Steel's operations including up to $4 billion in a new steel mill if the Trump administration green lights its merger bid, in response to requests from the government for more investment. "This will be a planned partnership between United States Steel and Nippon Steel, which will create at least 70,000 jobs, and add $14 Billion Dollars to the U.S. Economy," Trump posted last Friday, breathing new hope into prospects for the tie-up. "I will see you all at US Steel, in Pittsburgh, on Friday, May 30th, for a BIG Rally. CONGRATULATIONS TO ALL!"
Yahoo
3 days ago
- Business
- Yahoo
Trump celebrates Nippon Steel 'deal' with rally at Pennsylvania plant
By Alexandra Alper and Jeff Mason WASHINGTON (Reuters) -U.S. President Donald Trump heads to Pittsburgh, Pennsylvania on Friday to headline a rally to celebrate Nippon Steel's "planned partnership" with U.S. Steel, signaling final approval for the deal could be on the horizon. Proponents of the transaction are hoping his visit to the state where U.S. Steel is headquartered will cap a tumultuous 18-month effort by Nippon Steel to buy the iconic American company, beset by union opposition and two national security reviews. But the deal is possibly not entirely done. Following Trump's post on Truth Social last Friday announcing the rally and appearing to endorse the merger, he sowed doubt on Sunday, describing the deal to reporters as an investment with "partial ownership," with control residing with the U.S. Trump will deliver remarks at a U.S. Steel plant at 5 p.m. ET (2100 GMT) on Friday in the political swing state, which he won in the 2024 election. The White House described his remarks as being about the "U.S. Steel Deal." Trump technically has until next Thursday to decide whether to approve or scuttle the deal, after the Committee on Foreign Investment in the U.S. last week completed a second review of the merger. But the timeline could slip. The road to Friday's rally has been a bumpy one. Nippon Steel offered $14.9 billion for U.S. Steel in December 2023, seeking to capitalize on an expected ramp up in steel purchases, thanks to the bipartisan infrastructure law. But the tie-up faced headwinds from the start, with both then-President Joe Biden and Trump asserting U.S. Steel should remain American-owned as they sought to woo voters in Pennsylvania ahead of the November presidential elections. Former Vice President Kamala Harris, who became the Democratic nominee in 2024 after Biden stepped aside, also said U.S. Steel should remain domestically owned. Following a previous CFIUS-led review, Biden blocked the deal in January on national security grounds. The companies sued, arguing they did not receive a fair review process, a charge the Biden White House disputed. The steel giants saw a new opportunity in the Trump administration, which opened a fresh 45-day national security review into the proposed merger last month. But Trump's public comments, ranging from welcoming a simple "investment" in U.S. Steel by the Japanese firm to suggesting a minority stake for Nippon Steel, did little to shore up investor confidence in an eventual green light. Reuters reported last week that Nippon Steel had floated plans to invest $14 billion in U.S. Steel's operations including up to $4 billion in a new steel mill if the Trump administration green lights its merger bid, in response to requests from the government for more investment. "This will be a planned partnership between United States Steel and Nippon Steel, which will create at least 70,000 jobs, and add $14 Billion Dollars to the U.S. Economy," Trump posted last Friday, breathing new hope into prospects for the tie-up. "I will see you all at US Steel, in Pittsburgh, on Friday, May 30th, for a BIG Rally. CONGRATULATIONS TO ALL!" Sign in to access your portfolio
