US President Donald Trump stated that Nippon Steel is reevaluating its approach and considering a significant investment in US Steel rather than acquiring the American steelmaker. This comes amid growing uncertainty surrounding the Japanese takeover, initially blocked by former President Joe Biden due to national security concerns.
US President Donald Trump said on Friday that Nippon Steel is considering investing in US Steel instead of acquiring the American steelmaker.The comments follow as doubts are mounting about whether the Japanese takeover will go ahead. At the beginning of this year, previous US President Joe Biden decided to block Nippon's acquisition of US Steel, citing national security concerns. However, some were hopeful that Trump could reverse that decision after taking office in January.
Last week, Trump met with US Steel chief executive David Burritt and Japanese officials to discuss the proposed US$14.9 billion merger. A bid from Cleveland Cliffs in August 2023 launched a bidding war on US Steel.On August 13, Cliffs went public with a $7.3 billion bid, which US Steel rejected for being "unreasonable". Chief executive David Burritt said that the steelmaker had received multiple unsolicited proposals at the time and announced a strategic review of the offers.
Nippon Steel US Steel Acquisition Investment Donald Trump
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