[LAUREN KEENAN]
PRESIDENT TRUMP ANNOUNCES A “PARTNERSHIP” WITH JAPAN’S NIPPON STEEL, MONTHS AFTER FORMER PRESIDENT JOE BIDEN BLOCKED THE JAPANESE COMPANY FROM ACQUIRING U.S. STEEL OVER NATIONAL SECURITY CONCERNS.
“I AM PROUD TO ANNOUNCE THAT, AFTER MUCH CONSIDERATION AND NEGOTIATION, US STEEL WILL REMAIN IN AMERICA, AND KEEP ITS HEADQUARTERS IN THE GREAT CITY OF PITTSBURGH. FOR MANY YEARS, THE NAME, ‘UNITED STATES STEEL’ WAS SYNONYMOUS WITH GREATNESS, AND NOW, IT WILL BE AGAIN,” TRUMP SAID IN A STATEMENT ON TRUTH SOCIAL.
THE PRESIDENT SAID THE PARTNERSHIP WILL CREATE 70,000 JOBS AND ADD $14 BILLION TO THE U.S. ECONOMY. THE BULK OF THAT INVESTMENT WILL OCCUR IN THE NEXT 14 MONTHS AND THIS PARTNERSHIP IS THE LARGEST INVESTMENT IN THE HISTORY OF THE COMMONWEALTH OF PENNSYLVANIA.
THE TERMS OF THE DEAL ARE UNCLEAR.
IN JANUARY, WEEKS BEFORE LEAVING OFFICE, PRESIDENT BIDEN ISSUED AN ORDER PROHIBITING THE $14 BILLION ACQUISITION OF UNITED STATES STEEL CORPORATION BY NIPPON STEEL CORPORATION CITING NATIONAL SECURITY RISKS.
TRUMP AND BIDEN WERE ON THE SAME PAGE ABOUT BLOCKING NIPPON FROM PURCHASING U.S. STEEL.
WHILE ON THE CAMPAIGN TRAIL LAST AUGUST, TRUMP SAID HE WOULD STOP THE DEAL IF IT WAS STILL ON TABLE WHEN TAKING OFFICE.
[PRESIDENT DONALD TRUMP]
“I will stop Japan from buying United States Steel. We have a foreign country that wants to purchase one of our greatest.
They shouldn’t be allowed to buy it. We have to make it work. Have to make it work. You don’t want to sell U.S. Steel.”
[LAUREN KEENAN]
THEN, IN APRIL, TRUMP REQUESTED A RE-EVALUATION OF A PROPOSED BUSINESS ACQUISITION BY THE COMMITTEE ON FOREIGN INVESTMENT IN THE UNITED STATES TO ASSIST “IN DETERMINING WHETHER FURTHER ACTION IN THIS MATTER MAY BE APPROPRIATE.”
IN FEBRUARY, TRUMP WAS ASKED IF THE STEEL DEAL WAS BEING RESTRUCTURED.
[PRESIDENT DONALD TRUMP]
“THE’RE DOING IT AS AN INVESTMENT, NO LONGER A PURCHASE. I DIDN’T WANT IT PURCHASED, BUT INVESTMENT, I LOVE.”
[LAUREN KEENAN]
AFTER THE PARTNERSHIP WAS ANNOUNCED, PENNSYLVANIA GOVERNOR JOSH SHAPIRO SAID HE HAD BEEN IN CONTACT WITH PRESIDENT TRUMP AND SUPPORTS THE DEAL SAYING QUOTE…
“WE HAVE THE OPPORTUNITY TO DELIVER HISTORIC INVESTMENTS, ENSURE THE FUTURE OF AMERICAN STEELMAKING CONTINUES TO RUN THROUGH THE MON VALLEY WHILE THE HEADQUARTERS OF U.S. STEEL REMAINS IN PITTSBURGH AND HAVE OUR WORKERS, RIGHT HERE IN PENNSYLVANIA, CONTINUE LEADING THE WORLD WITH THEIR SKILL AND INNOVATION.”
TRUMP SAID HE’LL ATTEND A RALLY AT THE U.S. STEEL HEADQUARTERS IN PITTSBURGH ON FRIDAY, MAY 30TH.
FOR STRAIGHT ARROW NEWS, I’M LAUREN KEENAN.
