Former President Trump promised to block the acquisition of U.S. Steel by the Japanese firm Nippon Steel Corporation if he is re-elected for a second term in the White House.
Trump made this statement during a meeting with the Teamsters union in Washington, asserting that he would take immediate action to halt the purchase. Despite this declaration, Trump did not specify how he intended to carry out the blockage.
Additionally, Trump reflected on the significance of reviving job opportunities within the nation and acknowledged the potential role of tariffs in achieving this goal. He stressed the importance of bringing back millions of jobs to the country while expressing objections to the sale of U.S. Steel to Japan.
Nippon Steel had announced its plans to acquire U.S. Steel Corp. in a $14.9 billion deal, drawing criticism from legislators from both political parties. The Biden administration had also expressed concern regarding the sale, stating that it warranted serious scrutiny due to its potential impact on national security and supply chain reliability.
Senator John Fetterman of Pennsylvania, who resides near a U.S. Steel plant in Braddock, condemned the sale and pledged to employ all available means to prevent it, emphasizing the significance of steel to national and economic security.
Responding to Trump’s remarks, U.S. Steel and Nippon Steel jointly reiterated that no jobs would be lost as a result of the acquisition. They further assured that existing collective-bargaining agreements with unions would be honored, and that they were committed to maintaining the U.S. Steel name and branding, as well as the Pittsburgh headquarters. They also expressed willingness for the relevant regulatory bodies to review the transaction.
This article was last updated at 1:50 pm. Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
