Though Trump initially vowed to block the Japanese steelmaker’s bid to buy Pittsburgh-based US Steel, he changed course and announced an agreement last week for what he described as “partial ownership” by Nippon
US Steel started using its electric arc furnace in December 2020. FILE PIC/US STEEL
President Donald Trump was all set to hold a rally in Pennsylvania on Friday to celebrate a details-to-come deal for Japan-based Nippon Steel to invest in US Steel, which he says will keep the iconic American steelmaker under US-control.
Though Trump initially vowed to block the Japanese steelmaker’s bid to buy Pittsburgh-based US Steel, he changed course and announced an agreement last week for what he described as “partial ownership” by Nippon. It’s not clear, though, if the deal his has been finalised or how it would be structured. Trump stressed the deal would maintain American control of the storied company, which is seen as a political symbol and is also key to the country’s supply chain, industries like auto manufacturing and national security.
Trump, who has been eager to strike deals and announce new investments in the US since retaking the White House, is also trying to satisfy voters, including blue-collar workers, who elected him as he called to protect US manufacturing. US Steel has not publicly communicated any details of a revamped deal to investors. Nippon Steel issued a statement approving of the proposed “partnership” but also has not disclosed terms of the arrangement.
Move to dismiss cases against Boeing
The US Justice Department has formally moved to dismiss a criminal fraud charge against Boeing and has asked a judge to cancel an upcoming trial connected to two plane crashes that killed 346 people off the coast of Indonesia and in Ethiopia, according to court documents filed Thursday. The deal, announced last week, will allow the American aircraft manufacturer to avoid criminal prosecution for allegedly misleading US regulators about the 737 Max jetliner before the planes crashed less than five months apart in 2018 and 2019.
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