Trump: US Steel will get investment from Nippon Steel, instead of being bought by it

FOX 2 - President Donald Trump on Friday suggested that Nippon Steel would no longer buy U.S. Steel as planned, but the Japanese company would instead invest in the symbolically important American business.

It was Nippon Steel’s bid that generated controversy as both Trump and his predecessor in the White House, Joe Biden, vowed to block the merger.

US Steel has two locations in Michigan - Great Lakes Works and the Automotive Center.

The backstory:

Great Lakes Works is located in Ecorse and River Rouge along the Detroit River which contains finishing facilities for steels that are used primarily by customers in the automotive industry, according to its website.

The Automotive Center is in Troy bringing automotive sales, service, distribution and logistics services, product technology and applications into one location, its website said.  

Nippon Steel "is going to be doing something very exciting about U.S. Steel," Trump said at a news conference with Japanese Prime Minister Shigeru Ishiba. "They’ll be looking at an investment rather than a purchase."

It was unclear what the details of the investment would be, but Trump said he would meet with the head of Nippon Steel next week and he would be involved "to mediate and arbitrate."

Nippon Steel in December 2023 made what was a nearly $15 billion bid to buy U.S. Steel, creating a sudden political issue in the 2024 presidential election as the Pittsburgh-headquartered steelmaker was key to the identity of the political swing state of Pennsylvania. 

DETROIT, MICHIGAN - SEPTEMBER 12: A sign at the entrance of US Steel's Great Lakes Steel Plant is seen during a tour stop with community members and experts supporting a cleaner and more sustainable future for steel and automaking industries on Septe

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Biden agreed with the United Steelworkers, the labor union, in seeking to block the merger, while Trump as a candidate said outright he opposed the purchase.