US Steel: Trump recommits to blocking controversial takeover of Japanese companies

CNN-

President-elect Donald Trump has again indicated he intends to block a $15 billion takeover bid for US Steel by a Japanese company upon taking office, saying the former US giant could possibly fend for yourself.

Through a series of tax incentives and tariffs, we will make American steel strong and great again, he said Monday on his Truth Social platform. As president, I will prevent this deal from happening. Buyer beware!!

The intended buyer, Nippon Steel, said it was committed to protecting and growing US Steel.

We will invest as much as $2.7 billion in its unionized facilities, introduce our world-class technological innovation and secure union jobs so that US Steel's American steelworkers can produce the most advanced steel products for American customers, he said in a statement sent to US Steel. CNN.

The United Steelworkers union, which supported Vice President Kamala Harris for president, said Tuesday it supports Trump's opposition to the deal, writing in a statement: Long-term implications for the economy and security national of the United States.

It is clear that President Trump understands the vital role that a strong domestic steel industry plays in our national security, as well as the importance of the jobs and communities that the industry supports, USW International President wrote, David McCall.

The Pittsburgh-based company was formed in 1901 as a merger of the nation's major steel companies, including Carnegie Steel Corp., conceived by financiers JP Morgan and Charles Schwab. The new company became the first in the world to be valued at more than $1 billion.

But in recent years, U.S. Steel has fallen far below other U.S. steel companies in production and stock value. And the U.S. steel industry is a shell of its former self, with no company among the world's ten largest steel producers.

In September, Nippon Steel was expected to refile its request for a national security review by U.S. regulators, giving Japan's largest steelmaker an additional 90 days to finalize its acquisition of a U.S. rival after opposition emerged politics during an election year.

The surprise development allowed steelmakers to set the record straight, which could potentially keep the controversial deal alive. But Trump, then the Republican presidential candidate, as well as Presidents Joe Biden and Harris, had all expressed opposition.

The Committee on Foreign Investment in the United States (CFIUS), a team of Cabinet-level appointees that reviews all transactions of a certain size involving U.S. entities, had been studying the U.S. Steel takeover for several months for reasons national security.

While the White House indicated it would block the deal and CFIUS officials wanted to operate outside the pressure of political calendars, an extension of the deadline appeared to be the best outcome, CNN previously reported.

US Steel said in September it would be forced to lay off workers and close factories without support from Japan. It put itself up for sale last year after receiving an unsolicited $7 billion buyout offer from Ohio-based Cleveland Cliffs. Nippon Steel's $14.9 billion offer resulted from this sales process.

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