Trump holding Pennsylvania rally to promote deal for Japan-based Nippon to partner with US Steel
President Donald Trump is holding a rally in Pennsylvania on Friday to celebrate a details-to-come deal for Japan-based Nippon Steel to invest in U.S.Steel, which he says will keep the iconic American steelmaker under U.S.
control.Though Trump initially vowed to block the Japanese steelmaker’s bid to buy Pittsburgh-based U.S.Steel, he changed course and announced an agreement last week for what he described as “partial ownership” by Nippon.
It’s not clear, though, if the deal his administration helped broker has been finalized or how ownership would be structured.Trump stressed the deal would maintain American control of the storied company, which is seen as both a political symbol and an important matter for the country’s supply chain, industries like auto manufacturing, and national security.Trump, who has been eager to strike deals and announce new investments in the U.S.since retaking the White House, is also trying to satisfy voters, including blue-collar workers, who elected him as he called to protect U.S.
manufacturing.U.S.Steel has not publicly communicated any details of a revamped deal to investors.
Nippon Steel issued a statement approving of the proposed “partnership” but also has not disclosed terms of the arrangement.State and federal lawmakers who have been briefed on the matter describe a deal in which Nippon will buy U.S.Steel and spend billions on U.S.
Steel facilities in Pennsylvania, Indiana, Alabama, Arkansas, and Minnesota.The company would be overseen by an executive suite and board made up mostly of Americans and protected by the U.S.
government’s veto power in the form of a “golden share.”In the absence of clear details or affirmation from the companies involved, the United Steelworkers union, which has long opposed the deal, this week questioned whether the new arrangement makes “any meaningful change” from the initial proposal.“Nippon has maintained consistently that it would only invest in U.S.Steel’...