US President Donald Trump announced that Japan’s Nippon Steel will invest in American steel company U.S. Steel instead of buying it. The decision comes after a nearly $15 billion bid was made by Nippon Steel in December 2023, sparking controversy and intervention from the Biden administration.
Trump said he would meet with Nippon Steel’s head next week to discuss details of the investment, which Trump described as mutually beneficial. Japanese technology will be provided to U.S. Steel mills under the deal. The move is seen as a significant shift in the government’s stance on the merger, which was opposed by Trump during his presidential campaign.
The Biden administration had extended a deadline for Nippon Steel to abandon the deal, leaving it unclear what specific details of the investment would be involved. However, Trump claims he will mediate and arbitrate the process. The deal has significant implications for Pennsylvania’s steel industry and the 2024 presidential election.
Source: https://apnews.com/article/trump-ishiba-ussteel-nippon-12dc0eb2239478d571a48f16abcf7238