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President Donald Trump will hold a Friday rally in US steel A plant near Pittsburgh, a week after the alarm, it cleared the contradictory merger from the Japanese Nippon Steel.
It is planned that Trump will make a note at 5 pm in the Irvin’s work of the United States in the Western Mythlin, Pennsylvania, the White House reports. Investors and union members will listen to the President’s answers about what form he announced between the US and Nippon.
Trump described Transaction as “partnership” In a message on May 23, the social media platform is true social. The president said the US headquarters have remained in Pittsburgh, and Nippon’s $ 14 billion in 14 months in more than 120-year-old American industrial icon.
On Sunday, Trump told reporters that the transaction is “investment is partial property, but the US will control.” But the White House and the companies presented the public a little detail about how the deal was built after Trump’s announcement.
The American steel described this transaction as a “merger” in which it will become a “subsidiary” of Nippon Steel North American, but continues to work as a separate company, an Anne reports April 8 submission to the Securities and Exchange Commission.
Sources familiar with this question, reported by David Faber CNBC that is expected to Nippon Close its acquisition We were $ 55 for the rally, the original offer of a Japanese steel manufacturer made before President Joe Biden dismissed the transaction in January. Biden has blocked Nippon’s proposed acquisition on national security, claiming that this would jeopardize critical supplies.
But Trump Ordered a new review The transaction in April, mitigating its previous opposition to Nippon, buying us steel. The president announced a “partnership” once after the US Foreign Investment Committee had to complete its review and make a recommendation, or found the ways of “mitigating any risks of national security”.
“National Security Agreement”
Senator Pennsylvania Dave McCormic said on Tuesday CNBC that the US government would have “Golden Fate” This will allow him to decide on a number of places of the board. The US CEO will receive in the United States, and most councils will come from the American McCormik.
“This is the National Security Agreement to be signed with the US government,” McCorm “CNBC” saidBox for Squawk“” There will be a golden fate, which, in fact, will require the introduction of a government in the government of a number of members of the board, and this will allow the US to ensure that the level of production is not reduced. “
Nippon “definitely has members of the Council, and it will be part of their common corporate structure,” McCormic CNBC said. The White House trade adviser Peter Navaro told reporters on Thursday that “Nippon Steel would participate, but no control over the company.”
“US Steel owns the company,” said Navaro. On Friday, the US spokesman Jamison Grir told CNBC that the details of the Nippon Steel transaction “remain confidential.”
“The basic principle is that the United States should have control over key critical sectors, whether it is basic production or high technology,” Grir said “Squawk Box”. “In case foreign countries or foreign figures or firms want to buy these companies or have great investments, the US must maintain control over what’s important.”
The united steel labor, which initially opposed this transaction, stated that the union “could not reflect on the influence of” Trump “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 ability and threaten thousands of good, trade union work,” ” USW President David McCal said in a statement.
