US EditionUS Government to Have Control in Nippon Steel-US Steel Deal, Trump and Sen. McCormick Say
- On Friday, President Donald Trump announced a $14 billion investment deal between Japan-based Nippon Steel and U.S. Steel, creating the world's third largest steel producer with U.S. Government control safeguards.
- The agreement comes after national security objections halted Nippon Steel’s attempt to acquire U.S. Steel in a transaction valued at close to $15 billion under President Biden, and includes measures such as appointing an American CEO, establishing a board with a U.S. Majority, and granting the government a ‘golden share’ that allows it to approve certain corporate decisions.
- Nippon Steel plans to dedicate $2.4 billion to upgrading facilities near Pittsburgh, which includes refurbishing the historic 19th-century Edgar Thomson Works blast furnace and adding a state-of-the-art electric furnace that uses scrap metal for steelmaking.
- Trump emphasized the U.S. Will control the company, stating, "otherwise I wouldn't make the deal," while Senator David McCormick highlighted that the structure was Nippon's proposal and will save thousands of American jobs.
- The partnership aims to protect U.S. Steel industry interests, maintain production levels, and grant Nippon Steel market access and tariff benefits, signaling a unique model balancing foreign investment with domestic security.
63 Articles
63 Articles
Fox echoes Trump's flip-flop on sale of US Steel
From President Donald Trump’s initial opposition to the sale of Pittsburgh-based U.S. Steel to Tokyo-based Nippon Steel during the 2024 presidential campaign through his approval of the sale this month with conditions for some sort of nationalization, several Fox News hosts were following his lead every step of the way — with some Fox personalities even crediting Trump for then-President Joe Biden’s decision to block the sale. Fox host Laura Ing…
McCormick says U.S. Steel would stay under domestic control in Nippon merger • Pennsylvania Capital-Star
U.S. Steel's Clairton Coke Works (Photo via Pittsburgh City Paper).Pennsylvania U.S. Sen. Dave McCormick said Wednesday a pending merger between U.S. Steel and Japan’s Nippon Steel would preserve America’s control of the company and bring billions of dollars to Allegheny County’s Monongahela River Valley. In an interview on CNBC, McCormick said the company’s control structure would be subject to a national security agreement with the federal gov…
Longview News-Journal
McCormick says U.S. Steel would stay under domestic control in Nippon merger
Pennsylvania U.S. Sen. Dave McCormick said Wednesday a pending merger between U.S. Steel and Japan’s Nippon Steel would preserve America’s control of the company and bring billions of dollars to Allegheny County’s Monongahela River Valley. In an interview on CNBC,…
Nippon Steel Is in the Final Stages of Negotiations to Acquire US Steel. What Is the Suddenly Emerging "Golden Stock"?
Regarding Nippon Steel's acquisition of the American steel giant U.S. Steel, a proposal has emerged for Nippon Steel to grant the U.S. government "golden shares," which would give the government strong veto power over important management decisions. As U.S. President Trump emphasizes "U.S. control" over U.S. Steel, Nippon Steel's negotiations, which are determined to go ahead with the acquisition, are reaching the final stage.
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