Trump said he'll block U.S. Steel sale if elected

Former president and Republican candidate Donald Trump said Wednesday he will block U.S. Steel’s sale to the Japanese Nippon Steel Corporation, if elected president, reports Bloomberg.

The sale was announced in December, with Nippon acquiring the iconic Pittsburgh-based steelmaker for about $14 billion in a deal that would keep U.S. Steel’s headquarters in Pittsburgh. The sale has yet to be finalized, and local Pittsburgh lawmakers have criticized the move.

Trump, at a Teamsters union meeting in Washington, D.C., said he would stop the sale, and claimed that his administration saved the American steel industry.

“I would block it instantaneously. Absolutely,” Trump said, according to Bloomberg and Politico. “We saved the steel industry. Now, U.S. Steel is being bought by Japan. So terrible.”

President Joe Biden said in December that the U.S. Steel sale to Nippon warrants “serious scrutiny,” but has not gone as far as saying he would block the deal.

United Steelworkers labor union has lamented the sale, and expressed concerns about the future of its workers.

U.S. Steel’s stock dropped about two points after Trump’s comments, but has since recovered a point.

When the sale was announced in December, the company’s stock increase by 40%.

U.S. Steel said in a statement the sale will strengthen the American steel industry, and said Nippon will honor all of the union’s collective bargaining agreements.

U.S. Steel said it welcomes reviews of the sale, and pledged that no jobs will be lost in the transaction.

The company noted that America and Japan are longtime allies and U.S. Steel and Nippon will advance their shared values.

“Nippon Steel and U. S. Steel look forward to introducing technology and R&D that will allow U. S. Steel to produce the highest quality products and better compete on the global stage while building supply chain resilience for broader American industry,” said U.S. Steel.

Biden campaign rapid response director Ammar Moussa said Trump’s claims about his economic record is him merely trying to salvage support from labor unions. Moussa said Trump pretends to be pro-worker, then sides with management.

“He does nothing while factories close and jobs are lost,” said Moussa. “Trump’s long record of attacking unions and shipping jobs overseas while lining the pockets of his rich buddies speaks for itself.”

Trump’s comments come as he solidifies is support among Republican voters. Trump won the Iowa caucuses and the New Hampshire primary earlier this month, and is shoring up strength for the Republican nomination.

A Quinnipiac University poll released Wednesday shows Biden increasing his lead in a likely match up with Trump. Biden leads 50-44% lead over Trump among all U.S. voters, compared to a Dec. 20, 2023 poll that showed Biden just ahead 47-46 against Trump, according to the Quinnipiac polls.