President-elect Donald Trump said Monday that he would block the sale of U.S. Steel to Japanese manufacturing giant Nippon Steel.
Trump frequently spoke about his opposition to the sale while campaigning, saying he would prevent the deal from happening through tax incentives and tariffs. Nippon has proposed acquiring the American company for $15 billion.
“I am totally against the once great and powerful U.S. Steel being bought by a foreign company, in this case Nippon Steel of Japan,” Trump posted on Truth Social. “Through a series of Tax Incentives and Tariffs, we will make U.S. Steel Strong and Great Again, and it will happen FAST! As President, I will block this deal from happening. Buyer Beware!!!”
Shortly after the sale of U.S. Steel was announced in December 2023, Trump said he would block the deal if elected president again.
“I would block it instantaneously. Absolutely,” Trump said. “We saved the steel industry. Now, US Steel is being bought by Japan. So terrible.”
The Japanese company said in an email that it would invest billions in the United States as part of the deal.
“Nippon Steel is determined to protect and grow U. S. Steel in a manner that reinforces American industry, domestic supply chain resiliency, and U.S. national security,” the company said. “We will invest no less than $2.7 billion into its unionized facilities, introduce our world-class technological innovation, and secure union jobs so that American steelworkers at U. S. Steel can manufacture the most advanced steel products for American customers.”
The United Steelworkers union has lobbied against the measure, saying that it would be harmful to domestic production and a national security risk.
“Altogether, the proposed sale is bad for workers, our communities and the domestic industry – as well as our national security, critical infrastructure and domestic supply chains. We must continue to resist it – together,” the union said Monday.
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After Trump came out against the deal in January, both President Joe Biden and Vice President Kamala Harris followed his lead. Biden said he didn’t support the agreement in March, while Harris announced her opposition in September, a few months into her presidential campaign.
The U.S. Committee on Foreign Investment is currently evaluating the deal.
U.S. Steel was once the largest steel producer in the world, but according to the World Steel Association, it was the 27th-largest steelmaker in 2023. Nippon Steel was the fourth-largest steelmaker last year in an industry that has become dominated by China.
