US President Trump said that as part of the cooperation between US Steel Corporation and Nippon Steel Corporation, the United States will have control of the company.
Reuters reported that Trump said on Sunday (May 25th) : "It will be controlled by the United States. Otherwise, I wouldn't have reached this deal."
Trump also said that relevant lawmakers have urged him to reach this deal. This is an investment and partial ownership, but it will be controlled by the United States.
Last Friday (the 23rd), Trump announced this cooperation plan and said that it would create at least 70,000 jobs and contribute 14 billion US dollars to the US economy, and most of the investment was expected to be in place within 14 months.
Trump also said that U.S. Steel Corporation would remain in the United States and its headquarters would continue to be located in the great city of Pittsburgh.
Nippon Steel issued a statement on Saturday (the 24th), praising Trump's bold decision and emphasizing that the company, like the Trump administration, is "committed to protecting American workers, the steel industry and the national security of the United States."
Nippon Steel made an offer of 14.1 billion US dollars to acquire US steel in 2023, but it was opposed by the US political circle. As the US presidential election was approaching at that time, the acquisition case quickly became a political issue. Former President Biden and Trump, who was running for the Republican Party at that time, both strongly opposed it, claiming that the acquisition case endangered national security.
However, after taking office, Trump ordered the Committee on Foreign Investment in the United States to re-examine this proposal in April. According to Reuters, the committee completed the review last week and judged that the national security risks posed by the acquisition case were solvable. This is believed to be one of the reasons that made Trump nod.
Trump did not disclose the details of the cooperation between the two companies, and it is currently unclear whether the so-called cooperation is equivalent to an acquisition.
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