U.S. President-elect Donald Trump has reiterated his opposition to Japanese steelmaker Nippon Steel’s proposed acquisition of U.S. Steel, vowing to block the deal and strengthen the iconic American company through tax incentives and tariffs.
In a recent social media post, Trump stated, “I am totally against the once great and powerful U.S. Steel being bought by a foreign company” and pledged to make U.S. Steel “Strong and Great Again.” He warned, “As President, I will block this deal from happening. Buyer Beware!”
President Joe Biden also opposes the acquisition, aligning with the United Steelworkers union in rejecting the deal. In September, Biden’s administration noted that the Committee on Foreign Investment in the United States (CFIUS) was still reviewing the transaction for national security implications. The committee, led by the Treasury Secretary, can recommend the president block such deals.
The proposed merger has political significance in Pennsylvania, a key swing state that Trump won in the recent election.
Nippon Steel announced in December 2023 an agreement to acquire U.S. Steel for USD 55 per share, with a total enterprise value of USD 14.9 bln, including assumed debt. Trump will officially return to the White House on January 20.
