Japan’s Nippon Steel said Tuesday that its planned takeover of US Steel will reinforce American industry, after US President-elect Donald Trump vowed to block the $14.9-billion deal.
“Nippon Steel is determined to protect and grow US Steel in a manner that reinforces American industry, domestic supply chain resiliency, and US national security,” the Japanese firm said.
US President-elect Donald Trump on Monday said he would “block” the planned takeover.
“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 wrote on his Truth Social platform.
“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.”