US President-elect Donald Trump said on Monday that a series of tax breaks and tariffs will revive the legendary American company US Steel, while confirming his disagreement with the purchase of Nippon Steel for 1 15 billion.
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US President-elect Donald Trump wants to ban Japan's largest steel company Nippon Steel from absorbing its American rival US Steel.
Trump announced on the online platform Truth Social, of which he co-founded, that he would block the deal as president, which was approved by shareholders and both boards of companies.
"I am categorically opposed to the once great and powerful US Steel being bought by a foreign company, in this case Japanese Nippon Steel. I'll block the deal. Watch out, buyer!",- Trump wrote on his social network Truth Social.
The Japanese steel group and its U.S. rival announced a planned purchase in December last year - and said the total valuation, including accepted debt, is 1 14.9 billion (14.2 billion euros to date). Then it was announced that the takeover will be completed in the second or third quarter of 2024, subject to the approval of US Steel shareholders and the authorities.