U.S. President Donald Trump emphasized that the ongoing negotiations regarding Nippon Steel’s acquisition of U.S. Steel should be seen as an “investment,” not an “acquisition,” and stated that a final agreement has not yet been reached.
On the 30th (local time), after holding a large rally at the U.S. Steel plant on the outskirts of Pittsburgh, Pennsylvania, and returning to Washington, D.C., President Trump told reporters in response to a question about whether Nippon Steel was acquiring U.S. Steel, “This is an investment.”
He added, “It is controlled by the United States, and the board of directors is also under control. More importantly, they are investing money into the facilities,” and explained, “They cannot take it away. What could they do? Move it to Japan? That will not happen.”
When repeatedly asked whether Nippon Steel would own U.S. Steel, President Trump did not give a clear answer, only saying, “I rejected this proposal four times, and when they finally did it right, I became very pleased.”
Regarding the acquisition structure, Republican Senator Dave McCormick of Pennsylvania stated in an interview with CNBC that the U.S. government would hold a “golden share”?a special type of stock that allows the holder to exercise veto power at shareholder meetings regardless of the amount or number of shares.
This means that through the golden share, the U.S. government could recommend some members of the U.S. Steel board of directors and exercise veto power over board decisions that affect the national interest, such as reducing production.
Some predict that rather than the U.S. government actually holding a golden share, an agreement could be reached allowing the U.S. government to exercise veto power over certain management actions.
Jamieson Greer, a representative of the U.S. Trade Representative (USTR), stated, “The core principle is that the United States must maintain control over key industries, whether manufacturing or advanced technology,” adding, “When a foreign company acquires or makes a large investment in such a company, the U.S. must retain control.”
Nippon Steel is reportedly planning to invest $17 billion (23.5 trillion won) in a new steel plant. President Trump also said that Nippon Steel has promised to keep U.S. Steel’s blast furnaces fully operational for the next ten years and not to lay off any employees.
Regarding the impact of the Nippon Steel-U.S. Steel negotiations on U.S.-Japan trade talks, President Trump said, “Japan wants a trade agreement. There is no connection, but it will not do any harm.”
On mediating the India-Pakistan dispute, he said, “The negotiation I am most proud of is preventing a potential nuclear war through trade,” and announced that a Pakistani delegation is scheduled to visit Washington next week and that a trade agreement with India is imminent.
Regarding the State Department’s policy to actively cancel visas for Chinese students studying in the U.S., he said, “They will be fine. We just want to verify individual students.”
When asked about reports that Elon Musk, CEO of Tesla, who has completed his duties as a special government official as head of the Department of Government Efficiency (DOGE), had used large amounts of drugs and other substances, he said, “I didn’t know,” and added, “I am not concerned about anything related to Elon.”
He also said he had already been briefed on the incident in which someone impersonated White House Chief of Staff Susie Wiles to demand money, adding, “Chief Wiles will handle it well. I heard her phone was hacked and someone tried to impersonate her, but no one can impersonate Susie.”
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