For ads-free news, click here.
President-elect Donald Trump fired off a warning about a deal in the works to sell U.S. Steel to a Japanese company.
US Steel is based out of Pittsburgh, Pennsylvania and has operations in multiple states.
CNBC explained: Nippon Steel, the fourth largest global steelmaker, reached an agreement to acquire U.S. Steel last December. However, the deal encountered opposition from United Steelworkers, a prominent labor union, as well as U.S. President Joe Biden, who has vowed that U.S. Steel will remain American-owned.
The U.S. Committee on Foreign Investment, which examines possible national security risks of transactions by foreign entities, has been reviewing the deal.
According to CNBC, Nippon Steel’s vice chairman, Takahiro Mori, had touted in November that he believed the deal could be finalized before Trump takes office in January.
However, Trump is firing back.
In a Truth Social post Monday evening, Trump wrote, “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.”
“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. Buyer Beware!!!” he added.
Trump had vowed during his campaign that he would block the sale of U.S. Steel to Japan.
BREAKING: Trump says he will immediately invoke the Defense Production Act “wherever it’s necessary” to ramp up production of essential products and stop Japan from buying U.S. Steel, one of the most iconic steel companies in America headquartered in Pittsburgh, PA
“Our greatest… pic.twitter.com/fQ1Y09kV8w
— George (@BehizyTweets) August 19, 2024
Follow us on X (Formerly Twitter.)
Dennis Michael Lynch personal: www.X.com/TrustDML
The DML News App: www.X.com/DMLNewsApp
The Dennis Michael Lynch Podcast archive is available below, with the most recent on top. Never miss an episode. Subscribe to the show by downloading The DML News App or go to Apple Podcasts.
