US President Donald Trump (R) and Japanese Prime Minister Shiger Ishiba hold a joint conference for journalists in the eastern room of the White House in Washington, DC, February 7, 2025.
Jim Watson | AFP | Getty Images
President Donald Trump He said on Friday that Japanese Nippon Steel would invest a lot American steel Instead of buying a company.
“He’ll watch an investment, not a purchase,” Trump said at a press conference with Japanese Prime Minister Shigeru Ishib. “They agreed to invest a lot in American steel, unlike that.”
American steel sections closed almost 6% to $ 36.98 after Trump’s comments. The president went wrong during his remarks, referring to Nissan when he thought Nippon would invest an investment.
Ishiba also said that Nippon would invest in American steel and not get a company. The Prime Minister said Japan will provide technology to US Steel for the production of better products in the United States
“Not one side. It will be mutual, it will be mutually useful,” Ishiba said through the interpreter.
Former president Joe Biden blocked Nippon -s $ 14.9 billion for American steel In early January, citing concerns for national security. American steel and nippon are requested a federal court to cancel Biden’s decision, claiming that he acted unconstitutionally.
Trump also opposed the agreement, although American Steel lobbied the President to re -examine his predecessor’s decision. The US Director David Burritt met with Trump at the White House on Thursday.
Jeep rival Cleveland-Cliffs He tried to embark on the American Steel after the decision of Biden to block the agreement. Executive Director Lourenco Goncalves said on January 13 He wants to buy a company.
“I have a plan, I have an all -American solution,” Goncalves said. “The all -American solution focuses on people, workers.”
People familiarize this question said CNBC At the time, Cleveland-Cliffs was a partner with a rival Nus To make an offer for American steel. The offer would be in a high section of $ 30, they said. Nippon planned to buy American steel for $ 55 per share.
Cleveland-Cliffs suggested buying American steel for all cash and selling Big River Steel branches in Nucror, people said at the time. The seat of the American Steel would remain in Pittsburgh under the agreement.
It is unclear that Trump’s comments on Friday would affect potential future offers for American steel.
