On Monday, U.S. President-elect Donald Trump said that a set of tax incentives and tariffs would bring back the iconic American firm U.S. Steel. He also reiterated his opposition to Nippon Steel’s proposed $15 billion purchase of the company.
“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, I will block this deal from happening. Buyer Beware!!!” Trump wrote on his social-media platform Truth Social.
Nippon Steel hoped to close the deal before Trump took over the white house in January, despite the various discussions on opposing from President Joe Biden and the U.S. labor union.
Trump commented, following the statement on Tuesday that Nippon Steel had stated that it would invest at least $2.7 billion into the unionized facilities of U.S. Steel, securing union jobs and shared technological innovations, as per the report on Reuters.
“Nippon Steel is determined to protect and grow U.S. Steel in a manner that reinforces American industry, domestic supply chain resiliency, and U.S. national security,” it said.
Last month, Japanese Prime Minister Shigeru Ishiba wrote to President Biden to approve Nippon Steel’s proposed $15 billion acquisition of U.S. Steel. The deal is under review by the Committee on Foreign Investment in the United States (CFIUS), which assessed foreign investments for national security risks.
CFIUS could approve the deal this month whether to approve the transaction, potentially with conditions, recommended the president to block it, or extend the review period, says Reuters.