U.S. President Donald Trump has approved a ¡° partnership¡± between Nippon Steel and U.S. Steel, green-lighting one of the most geopolitically consequential foreign investment deals of the year.
Trump said on Sunday that the United States would control U.S. Steel, though the specifics ¡ª including whether the transaction would amount to a Nippon Steel minority stake or joint venture ¡ª are not yet public. Yet the approval is not just welcome news for the steel industry in the United States, but injects new confidence into U.S.-Japan economic security cooperation at a delicate time.
The move is a sharp departure from Trump¡¯s earlier, politically motivated stance opposing foreign ownership of U.S. Steel and reflects his administration¡¯s responsiveness to a restructured, supercharged investment pitch from Nippon Steel: $14 billion pledged for U.S. operations, including up to $4 billion for a new steel mill and $1 billion for greenfield development.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.