Trump says Japan will invest heavily in US steel rather than buying the company.
US President Donald Trump (R) and Japan Prime Minister will hold a joint press conference on February 7, 2025 in the East Room of the White House in Washington, DC.
Jim Watson | AFP | Getty Images
president Donald Trump On Friday, Japan’s Japanese steel said it would invest heavily. US Steel Rather than buying a company.
“They will consider investing rather than buying,” Trump said at a press conference with Japanese Prime Minister Isgar. “They agreed to invest heavily in US steel rather than owning it.”
US steel stocks closed nearly 6% at $36.98 after Trump’s comments. During the remarks, the president mentioned that Nissan meant that Japan would invest.
Isba also said that Japan will invest in US steel and will not acquire the company. The Prime Minister said Japan will provide technology for steel to manufacture better quality products in the US
“It’s not a one-sided aspect. It’s mutually beneficial,” Isba said through an interpreter.
Former President Joe Biden It’s blocked Nippon US steel bid of $14.9 billion In early January, we will quote national security concerns. US steel and Japan have it I asked the federal court He overturns Biden’s decision by claiming that he acted unconstitutional.
US Steel is pushing the president to reconsider his predecessor’s decision, but Trump also opposed the deal. US Steel CEO David Baritt met with Trump at the White House on Thursday.
Japan rival Cleveland Cliff Biden’s decision to block deals led to the move of US steel. CEO Lourenco Goncalves said he on January 13th I want to buy a company.
“I have a plan and a nationwide solution,” says Goncalves. “National solutions are focused on people, workers.”
People familiar with the issue told CNBC At the time, Cleveland Cliffs was partnering with rivals. Nuclear To bid on us. The offer is $30 shares, they said. Nippon had planned to buy US steel for $55 per share.
People said Cleveland Cliffs had proposed to buy US steel for all the cash and sell Big River Steel’s subsidiary to Nucor. The US headquarters will remain in Pittsburgh under the contract.
It is unclear how Trump’s comments on Friday will affect the potential future bids of US steel.