President Trump says US Steel will keep HQ in Pittsburgh, a sign he'll approve bid by Japan-based Nippon
President Donald Trump said Friday that U.S. Steel will keep its headquarters in Pittsburgh as part of what he called a 맥스카지노planned partnership맥스카지노 that seemed to signal that he맥스카지노ll approve a bid by Japan-based Nippon Steel to make a big investment in the iconic American steelmaker, if not buy it outright.
Still, Trump's statement left it vague as to whether he is approving Nippon Steel's bid after he vowed repeatedly to block the deal to prevent U.S. Steel from being foreign-owned.
More recently, Trump suggested that Nippon Steel would invest in U.S. Steel, not buy it, and one union official suggested Friday that the federal government will have a role in the company's management going forward. But investors seemed to take Trump's statement as a sign that he's approving some sort of merger, sharply pushing up U.S. Steel's shares, and the companies issued approving statements.
Nippon Steel said the partnership is a 맥스카지노game changer 맥스카지노 for U.S. Steel and all of its stakeholders, including the American steel industry, and the broader American manufacturing base.맥스카지노 U.S. Steel said it 맥스카지노will remain American, and we will grow bigger and stronger through a partnership with Nippon Steel that brings massive investment, new technologies and thousands of jobs over the next four years."
Nippon Steel's nearly $15 billion bid to buy U.S. Steel was blocked by former President Joe Biden on his way out of office and, after Trump became president, subject to another national security review by the Committee on Foreign Investment in the United States.
In his statement Friday, Trump said that 맥스카지노after much consideration and negotiation, US Steel will REMAIN in America, and keep its Headquarters in the Great City of Pittsburgh.맥스카지노
What Trump called a 맥스카지노planned partnership맥스카지노 will add $14 billion to the U.S. economy, he said, although it wasn't clear what the terms of the deal would be or who would control U.S. Steel under the arrangement. Neither company explained Friday how the partnership would be structured.
Josh Spoores, the Pennsylvania-based head of steel Americas analysis for commodity researcher CRU, said that, from what he맥스카지노s seeing, 맥스카지노this 맥스카지노partnership맥스카지노 is a green light for the acquisition.맥스카지노
Shares of U.S. Steel jumped 21% on the news, and continued rising in aftermarket trading.
U. S. Steel맥스카지노s board and stockholders approved Nippon Steel맥스카지노s bid last year. It has been opposed by the United Steelworkers union. The union had no immediate comment Friday.
A union official who defied the United Steelworkers' leadership to support Nippon Steel's bid said Friday that the federal government could take on a major role in the deal.
맥스카지노It맥스카지노s sounds like the deal맥스카지노s done,맥스카지노맥스카지노 said Jason Zugai, vice president of the United Steelworkers union local at U.S. Steel's Irvin finishing plant near Pittsburgh.
Zugai said he was 맥스카지노relieved, happy and thankful.맥스카지노맥스카지노
He hadn't seen anything on paper but, he said, his understanding was that Nippon 맥스카지노will make all the profit맥스카지노맥스카지노 and the federal government will have 맥스카지노a golden chair맥스카지노맥스카지노 that allows it to veto any plans to idle or shut down U.S. Steel plants.
Pittsburgh sister station reports that, in a statement Friday, United Steelworkers President David McCall said, "We cannot speculate about the impact of today's announcement without more information. Our concern remains that Nippon, a foreign corporation with a long and proven track record of violating our trade laws, will further erode domestic steelmaking capacity and jeopardize thousands of good, union jobs."
Pennsylvania Gov. Josh Shapiro showed support for the deal, that said, in part, "We have the opportunity to deliver historic investments, ensure the future of American steelmaking continues to run through the Mon Valley while the headquarters of U.S. Steel remains in Pittsburgh."
Pennsylvania U.S. Sen. John Fetterman , "Vowed to jam that up almost a year and a half ago and we did. The original deal was a death sentence for Mon Valley steel. Nippon coughed up an extra $14B. This is why we fight for the union way of life, and I will continue to support @steelworkers no matter the cause."
Keeping U.S. Steel's headquarters had always been part of Nippon Steel's bid to buy it. To sweeten the deal, Nippon Steel had offered up a $2.7 billion commitment to upgrade U.S. Steel's two blast furnaces and pledged that it wouldn't import steel slabs that would compete with the facilities.
Nippon Steel also had pledged not to conduct layoffs or plant closings during the term of the existing labor agreement and to protect the best interests of U.S. Steel in trade matters.
U.S. Steel's CEO David Burritt warned last September that blocking Nippon Steel's bid would mean U.S. Steel would 맥스카지노largely pivot away맥스카지노 from investing in its two blast furnaces 맥스카지노 one just outside Pittsburgh and one in Gary, Indiana 맥스카지노 and it would raise 맥스카지노serious questions맥스카지노 about remaining headquartered in Pittsburgh.
As recently as December, Trump said he was "totally against the once great and powerful U.S. Steel being bought by a foreign company.맥스카지노
Then in February, Trump suggested that Nippon Steel wouldn't buy U.S. Steel, as it had planned, but that it would instead invest in U.S. Steel.
Last month, Trump ordered a new national security review of Nippon Steel맥스카지노s proposed bid.