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The president of the United States, Donald Trump (R) and Japanese prime minister, Shigeru Ihiba, held a joint press conference in the Eastern Room of the White House in Washington, DC, on February 7, 2025.
Jim Watson | AFP | Getty images
President Donald Trump On Friday he said that Japan’s Nippon Steel will invest a lot in Steel Instead of buying the company.
“They will look at an investment instead of a purchase,” Trump said at a press conference with Japanese Prime Minister Shigeru Ihiba. “They have agreed to invest a lot in American steel, instead of possessing it.”
Us Steel’s shares closed almost 6% to $ 36.98 after Trump’s comments. The president fails in his comments, referring to Nissan when he referred to Nippon would make an investment.
Ishiba also said that Nippon would invest in Us Steel and would not acquire the company. The prime minister said that Japan would provide technology for American steel to make better quality products in the United States.
“It’s not a side. It will be reciprocal, it will be mutually beneficial,” Istiba said through an interpreter.
Former president Joe Biden blocked The offer of $ 14.9 billion nippon for US steel In early January, citing national security concerns. The US steel and Nippon have asked a federal court To revoke Biden’s decision, claiming that he acted unconstitutionally.
Trump has also opposed the agreement, although Us Steel has pressed the president to reconsider the decision of his predecessor. The CEO of Us Steel, David Burritt, met with Trump in the White House on Thursday.
Japan rival Cleveland Cliffs He has tried to make a movement in Us Steel following Biden’s decision to block the agreement. CEO Lourenco Goncalves said on January 13 that he Wants to buy the company.
“I have a plan, I have an American solution in its place,” Goncalves said. “The All-American solution focuses on people, on workers.”
People familiar with the matter told CNBC At that moment that Cleveland-Cliffs was associated with rival Nuco To make an offer for American steel. The offer would be in the high action of $ 30SA, they said. Nippon had planned to buy US steel for $ 55 per share.
Cleveland-Cliffs proposed to buy US steel for all the cash and sell the Big River Steel subsidiary to Nucor, people said at that time. The US Steel headquarters would remain in Pittsburgh under the agreement.
It is not clear how Trump’s comments on Friday would affect possible future offers for Us Steel.
