President-elect Trump has vowed to block Nippon Steel's acquisition of US Steel.
“I am completely opposed to the once great and powerful U.S. Steel being acquired by a foreign company, in this case by Japan's Nippon Steel,” President Trump said in a post on Truth Social on Monday. .
He made the same promise during his campaign earlier this year.
The Hill has reached out to Nippon for comment.
The Japanese company announced last year that it would buy U.S. Steel in a $14.9 billion deal, a move that was heavily criticized by lawmakers on both sides of the aisle. Nippon requested a re-application for the takeover proposal in September, and a decision on approving the takeover was postponed until after the presidential election.
The Biden administration said in a social media post in December that the sale of U.S. Steel merited “intense scrutiny.”
The agreement also faced opposition from the United Steelworkers union.
“Our concerns are based on a wealth of evidence. Nippon Steel has strategically placed both base materials and finished products in the U.S. and other countries as it offloads 16 million tons of excess capacity in Japan and China. We have a long history of importing, all to the detriment of the American steel industry and American steelworkers,” said David McCall. , International President of the United Steelworkers; I wrote At the beginning of this year.
Trump added in the post that he will “make American steel strong and great again” through tax incentives and tariffs.
The president-elect's latest tariff threats, which include imposing a 25% tariff on all Canadian and Mexican products and an additional 10% tariff on all Chinese goods, have angered the country's trading partners. This has raised concerns among experts.
