Trump Confirms Opposition to US Steel Sale to Nippon Steel
(MENAFN) United States Leader Donald Trump has reiterated his stance against the sale of US Steel to Japan’s Nippon Steel, as reported by Japanese media on Thursday.
In a statement to reporters in Washington on Wednesday, Trump referred to US Steel as a "very special company," emphasizing that it had been the world’s leading steel producer for an extended period, based on a Tokyo-based news agency.
He further promoted his tariff policies as an effective way to revitalize America's steel industry and other traditional sectors.
"That's why we don't want to see it go to Japan," Trump declared, though he expressed his admiration for the country.
Trump argued that he had rescued the US steel industry during his first presidency by implementing tariffs in response to China's "massive" steel dumping. "It's going to thrive, maybe like never before," he predicted.
These comments came just two days after Trump directed a panel of federal agencies to re-examine the blocked USD14.1 billion bid by Nippon Steel to acquire US Steel.
In January, previous Leader Joe Biden had blocked the over USD14 billion agreement, sparking concerns related to national security.
In response, both Nippon Steel and US Steel filed a lawsuit following Biden’s decision.
Trump has also stated that Nippon Steel purchasing a minority share of US Steel would not present any problems, but he noted that having a foreign company fully own US Steel would be "psychologically not good."
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