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CEO of Royal Palm Companies, Daniel Kodsi, discusses whether President Biden is rightly blocking Nippon’s US Steel’s purchase at “Varney & Co.” -tin.
President Donald Trump He will meet the US CEO on Thursday, as Vice President of Nippon Steel formulates a proposal to purchase the struggling steel manufacturer to meet the President’s goals.
American steel CEO David Burritt will meet Trump in the White House, administrative officials said according to the Reuters report.
Trump had previously stated that he was opposed to the business blocked by former president Joe Biden before leaving the office. In December, he said, “I completely oppose the former great and huge American steel buying by a foreign company, in which case the Japanese Nippon Steel.”
The meeting arrives when Nippon Steel said on Thursday that his bid for the purchase of US steel is strong before the meeting between the president and the Japanese prime minister.
Does the Nippon Steel offer endangering national security for the purchase of American steel? Experts are weighing
President Donald Trump meets US Steel CEO on Thursday in the White House. (Scott Olson / Getty Images / Getty Images)
In a statement, Nippon Steel said plans for US $ 14 billion would contribute to Trump’s goals, promoting US investments and strengthening US production through new investments and advanced technological transfer. “
“We are convinced that our acquisition plan is the best for American steel,” said Takahiro Mori, Vice -President of Nippon Steel, on Thursday to hoping Trump’s meeting with Japan way.
Trump is expected to meet Trump on Friday. Mori said he had visited the United States last week, but refused to say he met members of Trump’s administration.
| Ticking | Security | Last | Change | Change % |
|---|---|---|---|---|
| X | United States Steel Corp. | 39.27 | +1,35 |
+3.56% |
| NPS | Nippon Steel Corp. | 7.25 | +0.13 |
+1.83% |
USA Steel, Nippon Steel Sue Biden admin
Biden blocked Nippon’s acquisition in January before leaving the office after reviewing the business for several months by the United States Foreign Investment Committee (CFIUS), which could not be agreed on national security issues that the business could raise.
Biden finally rejected the business, saying in a statement, “a strong, domestic and operated steel industry is a basic national security priority and is critical for flexible supply chains.”
Nippon Steel has promised to invest $ 2.7 billion in US steel facilities to modernize them and make them more competitive. (Justin Merriman / Bloomberg with Getty Images / Getty Images)
The US Steel and Nippon Steel returned to this argument and filed a lawsuit questioning the business blocking of the business, saying that the transaction “improves and threatens US national security, including US steel. Support for supply chain and strengthening the American steel industry against the Chinese threat. “
President Biden to block the sale of US steel on Nippon Steel
Nippon has committed to investing $ 2.7 billion in US Steel Mon Valley Works in Pennsylvania and in Gary Works Indiana as part of a modernization project aimed at the competitiveness of facilities competitiveness with international rivals. The company also stated that it would retain the name, brand and seat of the USA Steel and refrain from layoffs to 2026 if the business continued.
Burritt said The Wall Street Journal Last year, the US Steel could not have been able to offer investments on Nippon Steel if the business did not advance.
“We wouldn’t do if the business goes through,” Burritt said. “I have no money.”
The US Steel has previously warned that it might have to close the Mills in Pennsylvania and Indiana if the business does not go any further. (Justin Merriman / Bloomberg with Getty Images / Getty Images)
He added that the US Steel strives to change its production to southern facilities while placing it on shutters in the Monongalala Valley in Pennsylvania and moving its corporate center from Pittsburgh.
US Steel had previously told Fox Business that the company had about 3,800 employees in Pennsylvania, including Mon Valley Works and Center, as well as research center and other corporate functions. According to the company, Gary Works have more than 4,300 employees.
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United Steelworkers Union is opposed to the transaction, David McCall, USW’s international president, said Nippon is a “serial trade fraction, which has been striving for decades to undermine our domestic industry by throwing its products to the market.”
McCall added that “it is clear from the US Steel’s latest financial performance to easily remain a strong and resistant company” and urged the board of directors to take the necessary steps to allow further flour and profitable stay. “
According to the report, Trump is expected to meet FedEx president and Frederick W. Smith founder in the White House, according to the report.
| Ticking | Security | Last | Change | Change % |
|---|---|---|---|---|
| Fdx | FedEx corp. | 258.82 | +6.37 |
+2.52% |
Reuters contributed to this report.
