WASHINGTON (AP) — President Trump on Friday announced that Japan’s Nippon Steel was dropping its $14.1 billion acquisition of the Pittsburgh-headquartered U.S. Steel and would instead be making an “investment, rather than a purchase.”
But it’s Nippon Steel’s bid that both Trump and former President Joe Biden vowed to block.
Nippon Steel “is going to be doing something very exciting about US Steel,” Trump said with Japanese Prime Minister Shigeru Ishiba by his side. “They’ll be looking at an investment rather than a purchase.”
The details remain unclear. Trump said he would meet with the head of Nippon Steel next week “to mediate and arbitrate.”
Local leaders tell Channel 11 they were caught off-guard by the announcement.
“We’re very confused,” Clairton Mayor Richard Lattanzi said. “Does that mean they just can’t be a majority owner?”
“Some of the smartest people that deal with this every day are saying ‘We’re not sure what he said but he said something.’”
Lattanzi and other Mon Valley leaders have long been in favor of Nippon’s offer. The company had vowed to keep headquarters in Pittsburgh and make major improvements.
“We rely on these taxes and we need a decision to be made,” Lattanzi said. “If someone is going to infuse money in the Mon Valley, I’ll take that.”
Channel 11 has reached out to both U.S. Steel and Nippon but has not heard back.
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