Annie Linskey and Bob Tita of The Wall Street Journal report that Trump backed Nippon Steel’s investment in U.S. Steel over a complete purchase, following Biden’s block of the $14.1 billion deal. The United Steelworkers union opposed the move. Trump also discussed reducing government spending. They write:
President Trump said he supported what he described as an emerging agreement that would allow Nippon Steel to invest in—but not fully own—U.S. Steel, creating a path for the Japanese company to play a larger role in the American steel market.
“They’re doing it as an investment, no longer a purchase,” Trump said at a White House press conference with Japanese Prime Minister Shigeru Ishiba. “I didn’t want it purchased, but investment I love.” […]
“President Trump’s made clear that a full sale to Nippon is dead,” said James Chadwick, one of the firm’s presidents. “It will be clear Ancora and Alan Kestenbaum are offering the best plan for U.S. Steel’s future.” […]
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