US President Donald Trump said today Nippon Steel has agreed to invest in US Steel instead of buying the company outright.
"Nissan is going to be doing something very exciting about US Steel. They'll be looking at an investment rather than a purchase," Trump said today at a news conference in Washington with Japanese prime minister Shigeru Ishiba.
Trump likely mistakenly referred to Tokyo-based Nippon Steel by the name of the Japanese car company. Although the White House did not immediately respond to a request for clarification, Nissan confirmed to Argus that it does not have plans to invest in US Steel.
Trump's predecessor Joe Biden blocked Nippon Steel's proposed $15bn takeover bid of Pittsburgh-based US Steel last month, citing national security concerns. Both men were adamant on the campaign trail that US Steel should not be owned by a foreign company.
"We didn't want to see [US Steel] leave. It wouldn't actually leave. But the concept psychologically — not good," Trump said.
Nippon Steel will provide technology to make steel in the US in a mutually beneficial deal, Ishiba said about the proposal.
Trump said he would soon meet with Nippon Steel to work out the details of the investment.
