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Nippon Steel Not to Buy Majority Stake in U.S. Steel: Trump
Washington, Feb. 9 (Jiji Press)–U.S. President Donald Trump said Sunday that Japan's Nippon Steel Corp. will not acquire a majority stake in United States Steel Corp.
Trump made the comment while speaking to reporters aboard Air Force One, reiterating his stance that he would not allow the Japanese steelmaker to fully buy out U.S. Steel.
The U.S. president said at a joint press conference with Japanese Prime Minister Shigeru Ishiba following their summit meeting in Washington Friday that Nippon Steel agreed to invest heavily in U.S. Steel instead of owning it. Trump said he would meet with the head of the Japanese company soon.
Former U.S. President Joe Biden ordered the halt of Nippon Steel's plan to acquire U.S. Steel on security grounds last month. Nippon Steel and U.S. Steel have jointly filed a lawsuit in a U.S. court seeking to nullify the order.
Trump posted on social media last December that he would make U.S. steel strong through tax incentives and tariffs, and that he was opposed to Nippon Steel's plan.
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