Japanese company Nippon Steel intends to invest $14 billion in the American U.S. Steel if the current administration of U.S. President Donald Trump approves the purchase of the company. This was reported on May 19 by Reuters, citing sources.
“Nippon Steel plans to invest $14 billion in the operations of U.S. Steel, including up to $4 billion in the construction of a new steel plant, if the Trump administration approves its application to buy the iconic American company,” the agency’s material says.
It is specified that of the total amount, $11 billion is planned to be invested in the infrastructure of the American company until 2028, while $1 billion will go to building new facilities from scratch.
Former US President Joe Biden blocked the purchase of U.S. Steel by Nippon Steel on January 3. He then said that it was his sacred duty as U.S. president to ensure the future strength of the American steel industry and that blocking the deal protected the country’s national security. That same day, U.S. Steel CEO David Burritt called the block “disgraceful and corrupt.”
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