(Reuters) -Newly elected U.S. President Donald Trump said on Monday that a series of fiscal stimulus measures and tariffs will revive legendary U.S. company US Steel, as he reiterated his opposition to Nippon’s planned $15 billion purchase of the company Steel.
“I am absolutely opposed to the once great and powerful US Steel being purchased by a foreign company, in this case Nippon Steel of Japan,” Trump wrote on his social media platform Truth Social.
“I will prevent this deal from happening. Buyer beware!!!”
Nippon Steel hopes to close the deal before Trump retakes the White House on Jan. 20, despite opposition from President Joe Biden and a powerful U.S. labor union.
In a statement on Tuesday following Trump’s comments, Nippon Steel said it would invest no less than $2.7 billion in US Steel’s union facilities, safeguard union jobs and share technological innovations.
“Nippon Steel is committed to protecting and growing U.S. Steel in a way that strengthens U.S. industry, domestic supply chain resiliency, and U.S. national security,” the report said.
US Steel reiterated its support for the deal in a separate statement, saying it would maintain steel production in Pennsylvania and Indiana and that the transaction should be approved on its merits.
Last month, Japanese Prime Minister Shigeru Ishiba wrote a letter to Biden, who has referred the deal to a government panel that reviews foreign investments for national security risks, asking him to approve the transaction, sources said.
The deadline for the Committee on Foreign Investment in the United States (CFIUS) review is this month. CFIUS could approve the deal, possibly with measures to address national security concerns, or recommend the president block it. It could also extend the review.
The United Steel Workers union, which opposes the deal, welcomed Trump’s comments.
