US Steel merger with Nippon appears to be back on after President Donald Trump recently signaled broad approval for the deal, reversing his campaign-trail opposition. The move has been met with skepticism from labor unions and critics, who warn of job losses and national security risks.
In a social media post, Trump announced a “planned partnership” between US Steel and Nippon, citing that US Steel will “REMAIN in America” and keep its headquarters in Pittsburgh. However, the specifics of the deal remain unclear.
The union representing US Steel workers, United Steelworkers, has called for Trump to uphold his pledge to scrap the proposed deal. International president David McCall warned of “thousands of good, union jobs” being at risk if Nippon gains control.
Trump’s reversal comes after the Biden administration blocked a similar deal earlier this year and despite Trump opposing it during his 2024 presidential campaign. The Committee on Foreign Investment in the US has conducted an internal review of potential national security risks associated with the proposed transaction, but its recommendation remains unclear.
The move has been criticized by former Senator Sherrod Brown, who described it as a “betrayal of American workers.” As the deal moves forward, concerns about job losses and national security remain.
Source: https://truthout.org/articles/trump-greenlights-us-steel-merger-despite-campaign-promise-to-scrap-deal