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Trump Calls for Second Look at U. S. Steel-Nippon Steel Merger
04/08/2025 - President Donald Trump has directed the Committee on Foreign Investment in the U.S. to re-examine national security implications of United States Steel Corporation’s merger with Nippon Steel, The Wall Street Journal reports.
According to The Journal, the White House said a second look would “help the president determine whether further action would be appropriate.”
The first time the committee examined the deal, it was unable to reach a consensus on a recommendation to former President Joe Biden, who ultimately decided to block the deal. U. S. Steel and Nippon Steel then sued the administration over the decision.
“We appreciate and commend President Donald Trump’s leadership,” U. S. Steel said, according to The Journal. “His action today validates our board’s bold decision to challenge President Biden’s unlawful order.”
Just after calling for a new review of United States Steel Corporation’s proposed merger with Nippon Steel, President Donald Trump on Wednesday suggested that the steelmaker should remain an American company.
“We don’t want to see it go to Japan,” Trump said Wednesday, according to the Reuters news service.
On Monday, Trump directed the Committee on Foreign Investment in the U.S. to re-examine the national security implications of the proposed merger, a move that seemed to bring new life to the deal. However, Trump’s latest comment appears to contradict his earlier decision.
Reuters asked the White House about Trump’s comment, but it received no clarification, it said.
“Everything's always on the table with the president,” one official told Reuters.
In another development, investment firm Ancora Holdings LLC has ended its proxy battle for U. S. Steel, withdrawing its slate of director candidates. In a statement Wednesday morning, before Trump’s latest comment on the deal, Ancora cited “apparent momentum” related to Nippon Steel’s US$55-per-share acquisition.
“Recent reports indicate that (U. S. Steel) and Nippon may have succeeded in having productive conversations with the Trump administration to address concerns and discuss significantly increased capital commitments,” Ancora said in a statement.
“Additionally, based on language included in Monday’s Presidential action, we suspect the companies have taken steps to try to mitigate national security considerations. We imagine this is why labor leaders, policy experts and stockholders have recently suggested they expect the sale will be approved.”
The first time the committee examined the deal, it was unable to reach a consensus on a recommendation to former President Joe Biden, who ultimately decided to block the deal. U. S. Steel and Nippon Steel then sued the administration over the decision.
“We appreciate and commend President Donald Trump’s leadership,” U. S. Steel said, according to The Journal. “His action today validates our board’s bold decision to challenge President Biden’s unlawful order.”
Just after calling for a new review of United States Steel Corporation’s proposed merger with Nippon Steel, President Donald Trump on Wednesday suggested that the steelmaker should remain an American company.
“We don’t want to see it go to Japan,” Trump said Wednesday, according to the Reuters news service.
On Monday, Trump directed the Committee on Foreign Investment in the U.S. to re-examine the national security implications of the proposed merger, a move that seemed to bring new life to the deal. However, Trump’s latest comment appears to contradict his earlier decision.
Reuters asked the White House about Trump’s comment, but it received no clarification, it said.
“Everything's always on the table with the president,” one official told Reuters.
In another development, investment firm Ancora Holdings LLC has ended its proxy battle for U. S. Steel, withdrawing its slate of director candidates. In a statement Wednesday morning, before Trump’s latest comment on the deal, Ancora cited “apparent momentum” related to Nippon Steel’s US$55-per-share acquisition.
“Recent reports indicate that (U. S. Steel) and Nippon may have succeeded in having productive conversations with the Trump administration to address concerns and discuss significantly increased capital commitments,” Ancora said in a statement.
“Additionally, based on language included in Monday’s Presidential action, we suspect the companies have taken steps to try to mitigate national security considerations. We imagine this is why labor leaders, policy experts and stockholders have recently suggested they expect the sale will be approved.”
