Trump Vows to Block Nippon Steel's Acquisition of U.S. Steel

President-elect Donald Trump opposes Nippon Steel's $15 billion acquisition of U.S. Steel, vowing to block the deal. Despite opposition from Joe Biden and a U.S. labor union, Nippon plans to invest in U.S. facilities, promote job security, and enhance American industry.

In a bold stance, President-elect Donald Trump has announced his opposition to Nippon Steel's proposed $15 billion acquisition of U.S. Steel. Trump declared he would block the deal, highlighting concerns about foreign ownership of a historically American firm.

Nippon Steel, undeterred by opposition from both Trump and President Joe Biden, plans to finalize the deal before Trump's expected return to the White House, promising significant investments and security for union jobs in the U.S.

The acquisition is currently under scrutiny by the Committee on Foreign Investment in the United States (CFIUS), which will determine its fate based on national security implications. Amid the uncertainty, the powerful United Steel Workers union has welcomed Trump's protective stance.

(With inputs from agencies.)