After former President Joe Biden blocked the bargain, President Donald Trump‘s White House ordered a new assessment of the consolidation of U.S. Steel by Japan’s Nippon Steel.  ,
According to a political statement released by the White House on Monday, Trump directed the Committee on Foreign Investment in the United States to examine the consolidation in order to “determine whether additional action may be appropriate.” The choice resulted in an increase in the U.S. Steel investment of more than 16 %.
Nippon Steel stated that” an imperative, fact-based evaluation of our proposed agreement with U.S. Steel may show that it strengthens American economic and regional protection so that U.S. Steel continues to be a proud American organization.”
We applaud and praise President Donald Trump’s management, according to U.S. Steel. His decision to issue President Biden’s unconstitutional order today confirms our board’s brave decision.
The new CFIUS review won’t be bound by past decisions, according to the White House, because it will be conducted de de.
Following a months-long selling process by the Pittsburgh-based business, a deal was reached between Nippon Steel and U.S. Steel in December 2023. The United Steelworkers ‘ coalition has opposed the company’s sales despite U.S. Steel’s owners ‘ approval a year ago.
Republican STEEL TARIFFS ARE CONFLICTED WITH THE SENTIMENT” DRILL, BABY, DRILL”
Over the past month, both Trump and Biden have voiced opposition to the agreement. The$ 14 billion package was canceled by Biden in January because it threatened supply chains because one of the nation’s largest steel producers was now under international control.
Trump has, however, encouraged Nippon Steel and U.S. Steel to reorganize their agreement so that the Chinese company doesn’t completely own the U.S. steelmaker.
