Trump announces “partnership” between U.S. Steel and Japan’s Japanese Steel
President Trump said Friday that U.S. steel will remain Pittsburgh Headquarters As part of what he calls a “planned partnership” Try to buy it.
Nippon Steel’s Nearly $15 billion bid to buy our Steel is Blocked by former President Joe Biden. This is another one after Mr. Trump becomes president National Security Review By the Foreign Investment Commission in the United States.
“I am proud to announce that after a lot of consideration and negotiation, U.S. Steel will remain in the United States and keep its headquarters in the big Pittsburgh city,” the president wrote in The Truth Society. “For many years, the name ‘U.S. Steel’ was synonymous with greatness and will now be again. It will be a planned partnership between U.S. Steel and Japanese Steel, which will create at least 70,000 jobs and add $14 billion to the U.S. economy.”
U.S. Steel shares rose 21% and continued to rise in after-sales transactions.
The president also said he will hold a “big rally” at U.S. Steel in Pittsburgh on Friday, May 30.
The White House did not provide further clarification immediately, and it is not clear that it will have U.S. steel under arrangements.
US Steel did not immediately respond to a request for comment.
Nippon Steel said in a statement that it “praises President Trump’s bold actions to approve our partnership with U.S. Steel, but did not provide additional details about the terms of the deal.
“We share the Trump administration’s commitment to protecting American workers, the U.S. steel industry and U.S. national security,” Nippon Steel said, “the game changer – for U.S. steel and all its stakeholders, including U.S. steel industry.”
Mr. Trump has collected 25% tariff In all foreign steel imports to keep industry participants in the United States
Nippon Steel bids to buy our steel
Nippon Steel’s purchase of US companies always includes plans to retain its headquarters. To add sugar to the deal, Nippon Steel has offered a $2.7 billion commitment to upgrade facilities in Pennsylvania and Indiana, spending $1.4 billion earlier.
David Burritt, CEO of U.S. Steel, warned last September that U.S. Steel would “mostly conflict” if a deal was blocked, which would raise “serious problems” to remain headquartered in Pittsburgh.
The U.S. Steel Board of Directors and shareholders approved Nippon Steel’s bid last year. It has been against the United Steel Workers Alliance. The league did not immediately comment on Friday.
During the campaign, Mr. Trump said he opposed the deal, and before taking office he reiterated that he was “completely opposed to the once great and powerful American steel purchased by foreign companies.”
Then in February, he suggested that Japan Steel would not buy our steel as planned, but would invest in American Steel.
Japanese President says converting U.S. steel into a wholly owned subsidiary is The starting point of negotiationAccording to the latest report from Nikkei Asia, they also said they discussed various other suggestions.
“American Steel is a very special company. We don’t want it to go to Japan or anywhere else, so we’re working with them. I don’t know if they need any money right now, I’ll be honest with you. They’ve already fought gold,” Mr Trump said Last month at the White House.
