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Dec. 3 (UPI) -- President-elect Donald Trump vowed again to block Nippon Steel's purchase of U.S. Steel, saying on social media he would make the once iconic company "strong and great again." Trump said on his Truth Social platform on Monday that as president he would "block this deal from happening."
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"I am totally against the once great and powerful U.S. Steel being bought by a foreign company, in this case Nippon Steel of Japan," Trump wrote, adding that he would aim to strengthen U.S. Steel "through a series of tax incentives and tariffs.
The comments marked the first time he had addressed his plans for the proposed purchase since being elected in November after mentioning it previously on the campaign trail.
Nippon Steel reached an agreement to purchase U.S. Steel for $14.9 billion in December 2023 but the agreement prompted immediate backlash from United Steelworkers as well as members of Congress.
President Joe Biden also opposed the deal, declaring it is "vital" for U.S. Steel to remain an American steel company that is domestically owned and operated."
The deal has faced scrutiny from the U.S. Committee on Foreign Investments.
Nippon Steel had previously said that its investment would "bolster and grow U.S. Steel in the U.S. market" and reiterated its stance in response to Trump's comments.
"We will invest no less than $2.7 billion into its unionized facilities, introduce our world-class technological innovation, and secure union jobs so that American steelworkers at US Steel can manufacture the most advanced steel products for American customers," Nippon Steel told CNN.
U.S. Steel has warned that without Nippon's cash flow, it will be forced to lay off workers and close its mills. Nippon's $14.9 billion offer was more than double what Ohio-based Cleveland Cliff had offered for the company at $7 billion.
The U.S. steel industry has long lagged others around the globe after once being the envy of the world. The United States currently has no domestic-based steel company ranked in the top 10 of the top international steel companies.
U.S. Steel, based in Pittsburgh, was once king of the hill among global steel companies and was the first to be valued at more than $1 billion. I was created in 1901 as a merger among some of the country's leading steel producers.
