Washington, Feb 08, (V7N) — President Donald Trump stated on Friday that Japanese-based Nippon Steel will now focus on investing in U.S. Steel, rather than attempting to purchase it outright. This comes after the Biden administration blocked the proposed sale of the American steel company.
 
"They've agreed to invest heavily in U.S. Steel, instead of owning it. And that sounds very exciting," Trump said following a meeting with Japanese Prime Minister Shigeru Ishiba at the White House.
 
Trump added that he would meet with officials from both Nippon Steel and U.S. Steel next week to help mediate the deal. Like President Biden, Trump has opposed the sale of U.S. Steel, the second-largest steel manufacturer in the U.S., to Nippon. The Japanese company had reached an agreement to acquire U.S. Steel for $14.9 billion, but Biden used the Defense Production Act to block the transaction, citing the need for resilient American supply chains.
 
Prime Minister Ishiba commented through a translator, saying, "U.S. Steel will make products that contribute not only to the United States and Japan but to the entire world. It will be mutually beneficial."
 
Although Trump acknowledged the sale discussion with Ishiba, he made it clear that he had not changed his stance. “No, I think we’re going to be discussing that today,” Trump said. “No, I haven’t changed my position.”
 
As a presidential candidate, Trump had opposed the sale and reaffirmed his opposition after winning the election. He pledged to help U.S. Steel with tax incentives and tariffs, stating, "As President, I will block this deal from happening. Buyer beware!"
 
The primary focus of the meeting between Trump and Ishiba was to maintain strong U.S.-Japanese relations. Trump reiterated America’s commitment to the security of Japan, especially in the face of threats from North Korea and China. "The United States is totally committed to the security of Japan. We will extend the full strength of American deterrence capabilities and defense of our friend and ally, 100%," Trump declared.
 
Although the leaders had spoken on the phone after Trump’s election, this was their first in-person meeting. Trump praised Ishiba, calling him a "strong person" and saying, "He’s going to be a great prime minister."
 
The meeting was also expected to cover topics like joint military training, defense cooperation, and investment by Japanese companies in the U.S. However, Nippon Steel’s proposed purchase was not on the official agenda.
 
Trump also mentioned discussions with Japan about a potential joint venture involving oil and gas exploration in Alaska, though he did not provide further details.
 
Nippon Steel and U.S. Steel did not immediately respond to requests for comment.
 
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