Trump touts US Steel-Nippon deal
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Last week, Trump announced that U.S. Steel would remain an American company after U.S. Steel and Japan-based Nippon Steel entered a partnership. Steel workers rejoiced, not only because thousands of jobs remained, but it also meant communities could continue to thrive.
For Japan's top steelmaker, U.S. Steel is central to its global expansion strategy at a time when domestic demand is declining.
The "investment," he wrote, would take place over the next 14 months and keep U.S. Steel headquartered in Pennsylvania. RELATED: US government to have control in Nippon Steel-U.S. Steel deal ...
Nippon Steel declined to comment. US Steel and the White House could not be immediately reached for comment. Nikkei reported earlier in the day that a golden share was under consideration. US Steel shares were trading at $53, up 2%, their highest point since the deal was announced, as investors bet it would close soon.
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A national security panel was divided in its recommendation to President Donald Trump on Nippon Steel 's bid for U.S. Steel but most panel members believe any security risks posed by the deal can be addressed,
Japanese-owned Nippon Steel has spent more than $6.1 million on federal lobbying efforts in its quest to take over US Steel.
If the US gets a 'golden share' of Nippon Steel's takeover of US Steel, it would be the latest example of how Washington, D.C. increasingly has a say in the operations of major companies.
A social media post from President Trump and a brief statement on the U.S. Steel website point to a green light for Nippon Steel’s bid for U.S. Steel.