Trump Lifts Block on Nippon Steel Bid to Buy U.S. Steel
U.S. President Donald Trump with Japanese Prime Minister Shigeru Ishiba Image credit The White House
Nippon Steel will Not Buy U.S. Steel but Invest Heavily: Trump
By Raisina Correspondent
New Delhi, February 8: U.S. President Donald Trump on Friday announced that Japan’s Nippon Steel will not buy U.S. Steel but invest heavily. Trump’s statement came after his predecessor Joe Biden had blocked the buyout deal of the U.S. Steel by Nippon Steel.
Trump made the announcement while addressing a press conference with visiting Japanese Prime Minister Shigeru Ishiba at the White House.
“Assets that we have and Japan is going to be opening up auto plants. New auto plants are being built currently as we speak. They’ve just been started,” Trump said while speaking on bilateral economic relations. He named Japanese car maker Toyota.
Trump Talks Gaza without Palestinians in Netanyahu’s Presence
“Toyota’s one and Nissan’s going to be doing something very exciting about U.S. Steel,” said Trump while wronly calling Nippon Steel as Nissan. They’ll be looking at an investment rather than a purchase, added Trump.
Trump further said that “we didn’t like the idea (of the purchase of the American steelmaker by a Japanese company) …U.S. Steel is a very important company to us”.
“It was the greatest company in the world for 15 years… many years ago… 80 years ago. And we didn’t want to see that leave and it wouldn’t actually leave, but the concept psychologically not good. So, they’ve agreed to invest heavily in U.S. Steel as opposed to own it,” added Trump.
And that sounds very exciting, said the U.S. President. His statement is seen vague about the deal by the Japanese steelmaker which was wrongly called Nissan by him on several occasions.
Trump also said that there will be negotiations. He also spoke of him mediating and even arbitrating in the negotiations.
The president did not reveal details of the proposed investment, and said he and other officials will meet next week with the head of Nippon, which Mr. Trump mistakenly referred to as “Nissan” several times. “They’ll work out the details. I’ll be there to mediate and arbitrate,” he said.
“People close to the deal were uncertain about whether Trump wants them to restructure the deal or start again from scratch,” CBS News said in a report.
Trump had taken a position against Nippon Steel in December. He had posted his disapproval of the Japanese steelmaker buying out the American firm in a post on his social media platform Truth Social.
“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 had posted in December on Truth Social.
Join the WhatsApp Channel of The Raisina Hills
Follow on Google News https://news.google.com/publications/CAAqBwgKMNK2vwsw39HWAw?hl=en-IN&gl=IN&ceid=IN%3Aen
About The Author
