Former US president Donald Trump, a Republican, and Democratic Pennsylvania governor Josh Shapiro are providing fresh criticism of Nippon Steel’s proposed takeover of US Steel (USS), with each politician renewing their opposition to the deal.
Speaking at his presidential campaign rally in York, Pennsylvania, Trump again promised to block the transaction if voters return him to the White House.
“I will stop Japan from buying United States Steel,” Trump said. “They shouldn’t be allowed to buy it.”
Shapiro mentioned the controversial deal at the Democratic National Convention in Chicago, Illinois. Speaking with news reporters, Pennsylvania’s chief executive emphasised that the Nippon takeover of the 123-year-old Pittsburgh-based steelmaker is not in the interests of the USS employees or the communities in his state. His new comments come less than a week after the United Steelworkers labour union repeated their concerns that there is a lack of financial transparency regarding Nippon’s investment plans for the USS mills.
“I’ve been very clear that I’m not supporting any deal that the US Steel workers don’t support,” Shapiro stated. “Nippon has a lot of work to do in order to get right with the steelworkers, if they’re ever able to.”
The acquisition is under review by federal antitrust and trade regulators. It is also the subject of arbitration, which began last week. While arbitration has progressed and after the Trump and Shapiro remarks, USS shares have lost almost 10% of their value.
Dom Yanchunas USA
