After more than 17 months of lobbying and close-fought negotiations to secure control of United States Steel, Japan¡¯s Nippon Steel appeared on Friday to have received a presidential blessing.
Days later, however, investors, executives and diplomats are still unsure of what exactly the U.S. president endorsed.
Donald Trump heralded a ¡°planned partnership¡± between the two industrial heavyweights, claiming it would create ¡°at least 70,000 jobs¡± ¡ª roughly five times U.S. Steel¡¯s current American employees ¡ª and add $14 billion to the U.S. economy. But his unexpected announcement stopped short of explicitly endorsing Nippon Steel¡¯s proposed $14.1 billion cash takeover of U.S. Steel, instead asserting that the company would ¡°remain American.¡±
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