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Expected that Japanese Nippon Steel will close the acquisition US steel For $ 55 per share, familiar with this issue, CNBC reported David Faber.
President Donald Trump Cleaned the Nippon’s application for usL Friday, referring to the deal as a “partnership”. Trump said Nippon is $ 14 billion in the next 14 months. The American Church headquarters will remain in Pittsburgh, the president said.
On Tuesday, the United States received about 2%to close $ 53.04 per share. On Friday, stocks increased by more than 20% on Trump’s back. The $ 55 application for the US is a proposal that Nippon originally made for the company before the transaction was blocked in January.
President Joe Biden had blocked the Nippon application for usL on the basis of national security, claiming that the transaction could potentially jeopardize critical supply chains. But Trump has ordered A new review of the proposed acquisition In April, despite the previous opposition to Nippon, which acquires US steel.
United Shapworkers Union has opposed the Nippon application for the purchase of steel. USW President David McCal said on Friday that the union “could not reflect on the influence of Trump’s” without further information. “
“Our concern remains that the Nippon, a foreign corporation with long and proven results of violation of our trade laws, will further destroy the internal steel capacity and threaten thousands of good, trade union jobs,” Maccal said.
On Sunday, Trump told reporters that the transaction is “investment is partial property, but the US will control.” Senator Pennsylvania Dave McCormic said CNBC on Tuesday that the US CEO will be in the US, and most council members will be with the United States
“This is the National Security Agreement to be signed with the US government,” said McCorchase “Squawk Box”. “There will be a golden share, which, in fact, will require a number of members of the US government, and this will allow the US to provide a decrease in production.”
McCormik said $ 14 billion in Nippon includes $ 2.4 billion, which will go to US operations in Mon Valley outside Pittsburgh. The transaction will save 10,000 jobs in Pennsylvania and add another 10,000 jobs in construction auctions to add another arc, the senator said.
Asked what Nippon gets off the transaction, McCormic said that the Japanese steel manufacturer “would definitely be a member of the council, and it will be part of their common corporate structure.”
“They wanted to get access to the US market – it allowed them to do so and gain economic benefits from it,” McCorm said about Nippon. “They agreed on it, it was their proposal.”
Trump said on Friday that he would hold a rally on the United States in Pittsburgh on May 30.
