Trump vows to block Japanese steelmaker from buying US Steel, pledges to strengthen American steel industry

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Trump vows to block Japanese steelmaker from buying US Steel, pledges to strengthen American steel industry - Business Mirror

Quick Summary:

HARRISBURG, Pa.—President-elect Donald Trump is underscoring his intention to block the purchase of US Steel by Japanese steelmaker Nippon Steel Corp., and he’s pledging to use tax incentives and tariffs to strengthen the iconic American steelmaker.

As part of its proposed $14.9 billion purchase of US Steel, Nippon Steel also pledged to invest at least $1.4 billion in USW-represented facilities, not to conduct layoffs or plant closings during the term of the basic labor agreement, and to protect the best interests of US Steel in trade matters.

Nippon Steel has said it is the only company that can make the necessary investment in US Steel’s factories and strengthen the American steel industry.