A tug pushes a barge near the US Steel Corp. Clairton Coke Works Works in Clairton, Pennsylvania, September 9, 2024.
Justin Merriman | Bloomberg | Getty images
President Donald Trump ordered Monday that US Steel’s acquisition by Nippon Steel in Japan was undergoing a new exam after the agreement was blocked by President Joe Biden.
Trump managed the United States’s foreign investment committee to examine the acquisition again to help “determine whether additional measures in this case can be appropriate,” according to a presidential action made by the White House on Monday.
American steel Actions increased by 11% in reaction to the decision.
Trump gave the committee 45 days to submit a recommendation to find out if the measures suggested by US Steel and Nippon “are sufficient to mitigate national security risks”.
Biden blocked the $ 14.9 billion agreement in January, citing a potential threat to critical supply chains posed by one of the largest steel producers in the United States under foreign control.
Trump also opposed the agreement, but the president seemed to soften his position in February at a meeting with Japanese Prime Minister Shigeru Ishiba. Trump said at the time that Japanese would invested massively in American steel rather than buying the business.
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