US President Donald Trump announced that Japan's Nippon Steel will make a major investment in US Steel but will no longer attempt to take over the company. This marks a shift from Trump's previous stance and Biden's blockage of the deal on national security grounds. The announcement follows a joint lawsuit from Nippon Steel and US Steel against Biden's administration.
US President Donald Trump said Friday that Japan 's Nippon Steel will make a major investment in US Steel, but will no longer attempt to take over the troubled company.
The announcement marks a shift in tone from Trump, who heavily criticized Nippon's $14.9 billion takeover offer during the 2024 presidential election campaign. In the suit filed on January 6, Nippon Steel and US Steel said Biden had improperly used his influence and blocked the deal “for purely political reasons” to gain favor with workers’ unions.
Trump's remarks suggest his administration is open to Nippon Steel's investment in the US steel giant so long as it does not assume overall control -- a step that could in theory ensure it remains in American hands.
INVESTMENT USA JAPAN STEEL INDUSTRY TAKEOVER
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