Japanese PM Ishiba, Trump concur on keeping US Steel American
09 Feb 2025
Japanese Prime Minister Shigeru Ishiba and US President Donald Trump have agreed that US Steel Corporation will remain American in character regardless of Nippon Steel Corporation proceeding with its acquisition of the US company.
The decision comes after Ishiba’s meeting with the US President in Washington on Sunday, according to Kydo news agency.
The development can be seen as a softening of tone by Trump who had earlier said Nippon Steel will invest heavily in US Steel without entering into a purchase deal, he is still sticking to his views about the merger.
Trump, however, did not specify as to how Nippon Steel will invest $14.9 billion in US Steel without purchasing stake or seeking control of the company.
Ishiba also echoed Trump’s sentiments, saying that while Nippon Steel Corporation will be investing in United States Steel Corporation, the latter will remain an American company.
Reports citing sources familiar with the developments said the Japanese steel company had not withdrawn its bid or the pursuit of the struggling US steel maker that started over a year ago.
While the latest developments reflect a climb down from the Biden administration’s position and Trump’s own criticism of the proposal, there is no certainty that Nippon Steel will invest $14.5 billion in US Steel without getting management control as well.
