Official announcement from Nippon Steel or U.S. Steel

Trump pledges to block Nippon Steel's $14.9 billion U.S. Steel takeover

Dec 3, 2024, 05:45 AM

President-elect Donald Trump announced his opposition to Nippon Steel's planned $14.9 billion acquisition of U.S. Steel Corp., pledging to block the deal upon taking office. In a Truth Social post, Trump stated, "I am totally against the once great and powerful U.S. Steel being bought by a foreign company, in this case Nippon Steel of Japan." He vowed to make U.S. Steel "strong and great again" through tax incentives and tariffs, declaring, "As President, I will block this deal from happening." The proposed takeover by Japan's largest steel producer has faced widespread bipartisan opposition, including from the Biden administration. The acquisition is currently under review by the Committee on Foreign Investment in the United States (CFIUS). Nippon Steel had hired former Secretary of State Mike Pompeo to secure the $14.9 billion deal earlier this year. Trump's stance raises uncertainty over the future of the transaction, which was initially announced in December 2023. Nippon Steel maintains that the acquisition would strengthen U.S. national security and domestic supply chain resiliency.