By South China Morning Post | Created at 2024-12-03 04:49:47 | Updated at 2024-12-04 09:09:12
1 day ago
US president-elect Donald Trump says he will “block” a planned takeover of US Steel by Japanese company Nippon Steel, a deal worth US$14.9 billion including debts.
“I am totally against the once great and powerful US Steel being bought by a foreign company, in this case Nippon Steel of Japan,” Trump wrote on his Truth Social platform on Monday.
“Through a series of Tax Incentives and Tariffs, we will make US Steel Strong and Great Again, and it will happen FAST! As President, I will block this deal from happening.”
Embattled US Steel has argued that it needs the Nippon deal to ensure sufficient investment in its Mon Valley plants in Pennsylvania, which it says it may have to close if the sale is blocked.
Days after the US election last month, Nippon Steel said it expected to close its takeover of the company before the end of the year, while US President Joe Biden was still in office.
Biden, too, has opposed the deal, saying it was “vital” for US Steel “to remain an American steel company that is domestically owned and operated”.
