USA Trump wants to block sale of US steel company to Japan
US President-elect Donald Trump wants to prohibit Japan's largest steel company Nippon Steel from taking over its American rival US Steel. However, even US President Joe Biden was not comfortable with a takeover by a foreign rival.
03.12.2024, 05:59
SDA
As president, he would block the deal - which had been approved by shareholders and both company boards - announced Trump on the online platform Truth Social, which he co-founded. The Republican is known for his protectionist economic policy and, as during his first term in office, has held out the prospect of new punitive tariffs against US trading partners.
"I am totally opposed to the once great and powerful (company) US Steel being bought out by a foreign corporation," wrote Trump, who had already taken this position during the election campaign. "Through a series of tax incentives and tariffs, we will make US Steel strong and great again," he wrote. This will happen quickly.
The Japanese steel group and its US competitor made the purchase plan public in December last year - and stated the total valuation, including assumed debt, at 14.9 billion dollars. At the time, the takeover was said to be completed in the second or third quarter of 2024, subject to the approval of US Steel shareholders and the authorities.
The outgoing president also wanted to prevent the deal
Trade union representatives in the United States protested vehemently. They feared for American jobs - and, as an important group of voters in the US election campaign, put pressure on outgoing US President Joe Biden, who was still hoping for a second term in office at the time.
In an unusual move, Biden finally spoke out against the deal and, according to media reports, wanted to block it, citing national security interests. "It is critically important that it remain an American company that is domestically owned and operated," the White House said in April. It now appears that Biden will no longer block the deal himself, but will leave it to his successor in office.
