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US Government to Have Control in Nippon Steel-US Steel Deal, Trump and Sen. McCormick Say
- President Donald Trump announced a $14 billion planned partnership between Nippon Steel and U.S. Steel on Friday to create the world's third-largest steel producer.
- The partnership replaces Nippon Steel’s previous offer, valued at close to $15 billion, to purchase U.S. Steel—a deal that former President Joe Biden blocked due to concerns over national security.
- The deal includes a national security agreement with the U.S. government, an American CEO, a U.S.-majority board, and a golden share granting government approval of board members.
- Trump emphasized that the U.S. would maintain control over U.S. Steel as a condition of the agreement, while Senator David McCormick noted that Nippon Steel achieved its objective of gaining entry into the American steel market.
- The arrangement aims to protect about 10,000 Pennsylvania jobs, invest $2.4 billion in modernizing U.S. Steel facilities including a new electric arc furnace, and maintain domestic production levels.
65 Articles
65 Articles
[Yomiuri Shimbun] On the 30th, it was learned that the Trump administration is in the final stages of approving Nippon Steel's plan to acquire 100% of the shares of US Steel, a major American steel company, making it a wholly owned subsidiary. This will allow the US government to have a certain degree of influence over the management of US Steel.
Fox echoes Trump's flip-flop on sale of US Steel
From President Donald Trump’s initial opposition to the sale of Pittsburgh-based U.S. Steel to Tokyo-based Nippon Steel during the 2024 presidential campaign through his approval of the sale this month with conditions for some sort of nationalization, several Fox News hosts were following his lead every step of the way — with some Fox personalities even crediting Trump for then-President Joe Biden’s decision to block the sale. Fox host Laura Ing…
McCormick says U.S. Steel would stay under domestic control in Nippon merger • Pennsylvania Capital-Star
U.S. Steel's Clairton Coke Works (Photo via Pittsburgh City Paper).Pennsylvania U.S. Sen. Dave McCormick said Wednesday a pending merger between U.S. Steel and Japan’s Nippon Steel would preserve America’s control of the company and bring billions of dollars to Allegheny County’s Monongahela River Valley. In an interview on CNBC, McCormick said the company’s control structure would be subject to a national security agreement with the federal gov…
Longview News-Journal
McCormick says U.S. Steel would stay under domestic control in Nippon merger
Pennsylvania U.S. Sen. Dave McCormick said Wednesday a pending merger between U.S. Steel and Japan’s Nippon Steel would preserve America’s control of the company and bring billions of dollars to Allegheny County’s Monongahela River Valley. In an interview on CNBC,…
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