Trump Vows To Make U.S. Steel Great Again As Debate Smolders Over Nippon Merger
President-elect Donald Trump posted Monday on Truth Social that he opposes the sale of U.S. Steel to Japan-based Nippon Steel Corporation and said he will use a “series of tax incentives and tariffs” to make U.S. Steel strong.
“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 wrote. “Through a series of Tax Incentives and Tariffs, we will make U.S. Steel Strong and Great Again, and it will happen FAST! As President, I will block this deal from happening. Buyer Beware!!!”
The December 2023 announcement that Nippon intends to buy Pittsburgh-based U.S. Steel for $14.9 billion left many stunned and vowing to block the deal. President Joe Biden, Vice President Kamala Harris, and a bipartisan selection of members of Congress have all expressed a desire to keep the iconic company American-owned.
Soon after the merger announcement a year ago, members of Congress urged the Committee on Foreign Investment in the United States (CFIUS) to review and block the acquisition based on national security. Steel is used in the construction of bridges, railroad tracks, warships, vehicles, missiles, and munitions, making it critical for the U.S. to maintain control over steel. . .
But U.S. Steel workers have warmed to the idea, seeing the sale to Nippon as a path to modernize their aging plants and keep the fires burning for years to come. With recent comments from President-elect Donald Trump, and federal decisions on the sale imminent, steel workers wonder what the future holds for their industry. (Read more from “Trump Vows To Make U.S. Steel Great Again As Debate Smolders Over Nippon Merger” HERE)
Photo credit: Gage Skidmore via Flickr
