Business & Tech
Trump: Pittsburgh's U.S. Steel Gets Japanese Investment, No Ownership
President Donald Trump suggested that Japan's Nippon Steel is backing away from its attempt to purchase Pittsburgh-based U.S. Steel.
WASHINGTON, D.C. — President Donald Trump suggested on Friday that U.S. Steel would remain under American ownership and that Japan's Nippon Steel would invest in the Pittsburgh-based company instead of buying it.
Appearing with Japanese Prime Minister Shigeru Ishiba at a White House news conference,Trump said that Nippon "is going to be doing something very exciting about U.S. Steel...they'll be looking at an investment rather than a purchase." Trump mistakenly referred to Nippon as "Nissan" during the event.
Trump divulged no further details except that he would meet with the head of Nippon Steel next week and he would be involved to "mediate and arbitrate."
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Both Trump and his predecessor, former President Joe Biden, were opposed to an outright sale to the Japanese company. Citing national security reasons, Biden last month blocked the $14.9 billion Nippon takeover of U.S. Steel.
This article contains information from the Associated Press.
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