WASHINGTON: President Donald Trump said Friday (Feb 7) that Japan’s Nippon Steel will make a major investment in US Steel, but will no longer attempt to take over the troubled company.
Trump, referring to the Japanese car company Nissan but apparently meaning Nippon Steel, said “they’ll be looking at an investment rather than a purchase”.
The announcement marks a shift in tone from President Trump, who heavily criticized Nippon’s US$14.9 billion takeover offer during the 2024 presidential election campaign.
Former US president Joe Biden blocked the deal shortly before he left office last month on national security grounds, sparking a joint lawsuit from the two firms – and condemnation from Japanese Prime Minister Shigeru Ishiba.
