Trump meets White House FedEx Chairman and CEO of US Steel
Royal Palm Companies CEO Daniel Kodsi discusses whether President Biden is right to block the acquisition of US steel at “Varney & Co.”
president Donald Trump He is scheduled to meet with the CEO of US Steel on Sunday as the vice-president of Nippon Steel promotes a proposed bid to buy a steel maker struggling to achieve the president’s goals.
According to a Reuters report, US Steel CEO David Burritt said he will meet with Trump at the White House.
Trump had previously expressed his opposition to the deal. This was blocked before former President Joe Biden took office. He said in December, “I am totally opposed to the once great and powerful American steel being bought by a foreign company, in this case, Japan’s Nippon Steel.”
The meeting comes as Nippon Steel said it had bid on Thursday Buy steel It coincides with Trump’s goal of being strong ahead of the meeting between the president and the Japanese Prime Minister.
Do Nippon Steel bids to buy us, does steel pose national security threat? Expert weight
President Donald Trump is scheduled to meet with US Steel CEO at the White House on Thursday. (Scott Olson/Getty Images/Getty Images)
Nippon Steel said in a statement that its plan to acquire US steel for $14 billion contributes to Trump’s goal of promoting US investment, creating and strengthening US jobs. Made in the US Through new investments and advanced technology transfer. ”
“We are confident that our acquisition plan is the best for American steel,” Nihon Kogyo Vice Chairman Mori told reporters Thursday, and Trump’s meeting with Japanese Prime Minister Isfer said, “We’re saying that Trump is the one who said that He added that he hopes to tell and open the way. The deal.”
The meeting between Trump and Isba is scheduled to occur on Friday. Mori visited the US last week but said he refused to say whether he met with the members. Trump’s administration.
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| x | US Railway Company | 36.98 | -2.25 |
-5.74% |
| NP | Nippon Steel Corp. | 7.44 | +0.19 |
+2.62% |
US Steel, Nippon Steel, Biden administrator blocked acquisition
Biden Nippon blocked the acquisition in January before taking office after months of review by the US Foreign Investment Committee (CFIU).
Biden ultimately rejected the deal, saying, “The strong, domestically owned and operated steel industry is an essential national security priority and is important for a resilient supply chain.” .
Nippon Steel has committed to investing $2.7 billion in US steel facilities to modernize and increase competitiveness. (Getty Images/Justin Merriman via Getty Images/Bloomberg)
US Steel and Nippon Steel have pushed back that reasoning and filed a lawsuit challenging the decision to block the transaction, which “strengthen US national security, including revitalizing American steel-dependent communities.” I will,” he said in a statement. Strengthen the US steel supply chain and strengthen the US domestic steel industry against threats from China. ”
President Biden blocks US steel sales block block fo nipton steel
Japan has pledged to invest $2.7 billion in Mont Valley Works in Steele, Pennsylvania, and Gary Works in Indiana has made a modernization project aimed at competing the facility more than its international rivals. As part of it. The company also said it will retain its US steel name, brand and head office and refrain from layoffs until 2026 if the transaction continues.
Baritt said Wall Street Journal Last year, US steel is unable to offer the investments it offers if trading does not progress.
“If the deal breaks down, we don’t do that,” Baritt said. “I don’t have the money.”
US Steel previously warned that if trade does not progress, it may need to close its Pennsylvania and Indiana factories. (Getty Images/Justin Merriman via Getty Images/Bloomberg)
He added that it may appear that US steel will move its production to a facility in the Southern facility, closing its Monongahera Valley, Pennsylvania and Gary, Indiana, while relocating its headquarters from Pittsburgh.
US Steel previously told Fox Business it has around 3,800 employees in Pennsylvania, including Mon Valley Works, its headquarters, its research centers and other corporate functions. According to the company, Gary Works has more than 4,300 employees.
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United Steelworkers Union USW’s international president David McCall said that Japan is “a serial trade scammer who has worked for decades to undermine domestic industries by dumping products into the market.” It’s there.
“It is clear from US Steel’s recent financial performance that it can remain a strong and resilient company,” McCall added, adding that it “needs to thrive even more and maintain profitability.” “We urged them to take such measures.”
Trump is also expected to meet FedEx Chairman and Founder Frederick W. Smith at the White House on Thursday.
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| FDX | FedEx Corp. | 256.08 | -2.69 |
-1.04% |
Reuters contributed to this report.