Trump wants to prevent the sale of US Steel to Japan

Protectionism Trump wants to prevent the sale of US Steel to Japan

2024-12-04 Updated on 2024-12-03 Source: dpa 1 min Reading Time

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The takeover of a US steel producer by a foreign rival was already unsettling for US President Biden. Donald Trump apparently wants to take action...

The once-powerful steel company US Steel is to be sold to Nippon Steel. The questionable deal was already viewed suspiciously by Joe Biden. Donald Trump now wants to pick up the ball and block the matter accordingly.(Image: US Office) — The once-powerful steel company US Steel is to be sold to Nippon Steel. The questionable deal was already viewed suspiciously by Joe Biden. Donald Trump now wants to pick up the ball and block the matter accordingly.
(Image: US Office)

The designated U.S. President Donald Trump plans to prohibit Japan's largest steel company, Nippon Steel, from acquiring the American rival U.S. Steel, according to information obtained by the German Press Agency (dpa). As president, he intends to block the deal, which has been approved by shareholders and the boards of both companies. Trump stated: "I am absolutely opposed to the once-great and powerful U.S. Steel being taken over by a foreign company!" He aims to make U.S. Steel strong and great again through a series of tax incentives and tariffs—and he insists this will happen quickly.

Trump accomplishes what Biden announced

The Japanese steel group and its US competitor made the acquisition proposal public in December last year, providing a total valuation including assumed debt of 14.9 billion dollars (currently 14.2 billion euros). At the time, it was stated that, subject to the approval of US Steel shareholders and authorities, the takeover would be completed in the second or third quarter of 2024. Union representatives in the United States protested vehemently, fearing for American jobs and exerting pressure as an important voter group in the US election campaign on outgoing US President Joe Biden, who was still hoping for a second term. In an unusual step, Biden also eventually opposed the deal, intending to block it citing national security interests.

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