WASHINGTON: US President Donald Trump said Friday that Japan's Nippon Steel will make a major investment in US Steel, but will no longer attempt to take over the troubled company.
Trump, referring to the Japanese car company Nissan but apparently meaning Nippon Steel, said “they’ll be looking at an investment rather than a purchase.”
Spokespeople for Nippon Steel and US Steel did not respond to a request for comment.
US Steel's shares closed down 5.8 percent on the news.
The announcement marks a shift in tone from Trump, who heavily criticized Nippon's $14.9 billion takeover offer during the 2024 presidential election campaign.
Former US president Joe Biden blocked the deal shortly before he left office last month on national security grounds, sparking a joint lawsuit from the two firms -- and condemnation from Japanese Prime Minister Shigeru Ishiba.
In the suit filed on January 6, Nippon Steel and US Steel said Biden had improperly used his influence and blocked the deal “for purely political reasons” to gain favor with workers’ unions.
In response, the US authorities announced they had extended the deadline for the Japanese firm to abandon its acquisition of US Steel until June 18, extending an initial 30-day deadline.
Trump's remarks suggest his administration is open to Nippon Steel's investment in the US steel giant so long as it does not assume overall control -- a step that could in theory ensure it remains in American hands.
“Our concerns regarding Nippon's continued interest in US Steel remain unchanged,“ United Steelworkers international president David McCall said in a statement.
“Nippon has proven itself to be a serial trade cheater with a history of dumping its products into our markets,“ he said, adding that the US steelworkers' union had not been in contact with either company or the Trump administration about Nippon's proposed investment.
“While we await the details of the proposed investment, we encourage President Trump to continue safeguarding the long-term future of the domestic steel industry by instead seeking American alternatives,“ he added.
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