U.S. President-elect Donald Trump vowed to block Nippon Steel’s planned purchase of U.S. Steel in a Truth Social post on Monday night. He pledged to revitalize U.S. Steel with tax incentives and tariffs to restore its prominence. Japan’s largest steelmaker agreed to acquire U.S. Steel last December, but the deal has faced resistance from labor unions and President Joe Biden. Nippon Steel has pledged to strengthen U.S. Steel while supporting American industry, supply chain resiliency, and national security. U.S. Steel shares dropped over 15% this year, while Nippon Steel shares declined more than 4%.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02US President-elect Donald Trump vowed to block Nippon Steel's planned purchase of US steel in
00:06a true social post on Monday night. He pledged to revitalize US steel with tax incentives and
00:11tariffs to restore its prominence. Japan's largest steelmaker reached an agreement to
00:16acquire US steel last December, but the deal has faced resistance from labor unions and President
00:21Joe Biden. Nippon Steel has pledged to strengthen US steel while supporting American industry,
00:26supply chain resiliency, and national security. US steel shares dropped over 50% this year,
00:32while Nippon Steel shares declined more than 4%.