Trump says he will block Japanese firm's takeover of U.S. Steel [View all]

Source: NBC News

Dec. 3, 2024, 12:34 AM EST


TOKYO — President-elect Donald Trump said Monday that he would block a Japanese company’s $15 billion bid to acquire U.S. Steel, a contentious deal that faces widespread political opposition.

Nippon Steel, Japan’s largest steelmaker, announced the deal last December and has said it is determined to see it through despite concerns about the implications for employees, supply chains and U.S. national security.

“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,” Trump said in a late-night post on his Truth Social platform. “As President, I will block this deal from happening. Buyer Beware!!!”

Trump had expressed opposition to the deal during the presidential election campaign, along with President Joe Biden and Trump’s Democratic rival, Vice President Kamala Harris, who all said the Pittsburgh-based company should remain American-owned. Trump’s comments Monday night are his first on the subject since he won the election last month.

Read more: https://www.nbcnews.com/news/world/trump-says-will-block-japanese-firms-takeover-us-steel-rcna182578