President Donald Trump announced that Japan’s Nippon Steel would invest heavily in U.S. Steel rather than purchase the company, reversing a $14.9 billion takeover proposal blocked by the Biden administration.
In early January, then-President Joe Biden blocked Nippon’s bid for U.S. Steel over “national security concerns,” reported CNBC.
President Biden said at the time that the acquisition “would place one of America’s largest steel producers under foreign control and create risk for our national security and our critical supply chains.”
Although President Trump agreed with Biden’s decision, Friday’s announcement comes as what Trump deems a mutually beneficial compromise between both sides, “They’ll be looking at an investment rather than a purchase. … They’ve agreed to invest heavily in U.S. Steel, as opposed to own it.”
Japanese Prime Minister Shigeru Ishiba…
