US President Donald Trump is set to meet with U.S. Steel’s CEO David Burritt on Thursday, as Nippon Steel’s vice chairman touts its proposed bid to buy the struggling steelmaker as aligning with Trump’s goals.
The meeting comes after Trump previously expressed opposition to the deal, which former President Joe Biden blocked before leaving office. However, Nippon Steel claims that its plan to acquire U.S. Steel for $14 billion contributes to Trump’s objectives of promoting US investment, creating jobs, and strengthening manufacturing through new investment and technology transfer.
Nippon Steel Vice Chairman Takahiro Mori said his company is “convinced that our acquisition plan is the best for U.S. Steel” and hopes to convey this to Trump during a meeting with Japanese Prime Minister Shigeru Ishiba on Friday.
The deal has faced opposition from the United Steelworkers union, which claims Nippon Steel is a “serial trade cheater.” Despite this, Burritt stated that U.S. Steel can easily remain profitable without the acquisition, and urged his board to take steps to flourish.
Trump’s meeting with Ishiba is expected to occur on Friday, while he also plans to meet with FedEx chairman Frederick W. Smith at the White House on Thursday.
Source: https://www.foxbusiness.com/politics/trump-meet-us-steel-ceo-nippon-steel-chief-touts-deal-meeting-trumps-goals