Official statements from the U.S. government or Department of Commerce announcements

Trump Vows to Block Nippon Steel's $14.1 Billion Acquisition of U.S. Steel

Dec 3, 2024, 03:09 AM

President-elect Donald Trump has announced his opposition to Nippon Steel's proposed acquisition of U.S. Steel, pledging to block the $14.1 billion deal upon taking office. Trump stated he will utilize tax incentives and tariffs to revive the American steel industry, making U.S. Steel 'strong and great again.' The transaction has been under review by the Committee on Foreign Investment in the United States (CFIUS) and was also opposed by the Biden administration due to national security concerns. Notably, Nippon Steel, Japan's largest steelmaker, had hired former Secretary of State Mike Pompeo earlier this year to assist in securing the deal.