WASHINGTON (AP) — President Donald Trump on Friday suggested that Nippon Steel would no longer buy U.S. Steel as planned, but the Japanese company would instead invest in the symbolically important American business.
The U.S. president mistakenly referred to Nippon Steel as “Nissan,” the Japanese automaker. But it's Nippon Steel's bid that generated controversy as both Trump and his predecessor in the White House, Joe Biden, vowed to block the merger.
Nippon Steel “is going to be doing something very exciting about U.S. Steel,” Trump said at a news conference with Japanese Prime Minister Shigeru Ishiba. “They’ll be looking at an investment rather than a purchase.”
It was unclear what the details of the investment would be, but Trump said he would meet with the head of Nippon Steel next week and he would be involved “to mediate and arbitrate.”
Nippon Steel in December 2023 made what was a nearly $15 billion bid to buy U.S. Steel, creating a sudden political issue in the 2024 presidential election as the Pittsburgh-headquartered steelmaker was key to the identity of the political swing state of Pennsylvania. Biden agreed with the United Steelworkers, the labor union, in seeking to block the merger, while Trump as a candidate said outright he opposed the purchase.
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