Japan Steel Issues Immediate Statement Following Trump’s Approval
"Paying Tribute to President Trump’s Decision"
"US Steel Acquisition and Investment Align with Trump’s Pledge"
Regarding the news that U.S. President Donald Trump has approved Japan Steel's acquisition of the American steel company US Steel, Japan Steel stated on the 24th that this will mark a groundbreaking turning point not only for American steel companies but also for the entire U.S. manufacturing industry.
According to Kyodo News and Nikkei, Japan Steel said in a statement released on this day, "We sincerely pay tribute to President Trump for his decision to approve the partnership with US Steel," expressing this position.
Japan Steel especially emphasized that its plan to acquire and invest in US Steel aligns with President Trump's pledge to protect American workers and national security.
On the 23rd (local time), President Trump approved Japan Steel's acquisition of US Steel, which had previously been blocked by the former Joe Biden administration due to national security concerns. On that day, he posted on social media platform Truth Social, "After much consideration and negotiation, US Steel will remain in America and keep its headquarters in the great city of Pittsburgh," adding, "There will be a planned partnership between US Steel and Japan Steel, which will create at least 70,000 jobs and add $14 billion (about 19 trillion won) to the U.S. economy."
Ryohei Akazawa, Japan's Minister for Economic Revitalization and the minister in charge of tariffs, met with reporters after the third round of U.S.-Japan tariff negotiations on the same day and said, "We would like to wait for the official announcement of approval from the U.S. government."
Japan Steel agreed to acquire and merge with US Steel in December 2023 and requested approval from the U.S. government. However, former President Biden, just before leaving office in January, denied approval, stating that it posed risks to national security and a very important supply chain. Having made the acquisition of US Steel a core strategy for entering the U.S. market, Japan Steel has been pursuing a plan to acquire all US Steel shares and make it a wholly owned subsidiary.
It has been reported that, in order to secure President Trump's approval for the acquisition, Japan Steel proposed a total investment of $14 billion, more than five times the previously known investment amount.
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