International Steel Mills

Trump reiterates opposition to USS sale to foreign firm

Written by Laura Miller

October 28, 2024

In a campaign speech this week, 2024 Republican Presidential Nominee Donald Trump reiterated his disapproval of the sale of United States Steel Corp. to a foreign owner.

The former president said earlier this year that, if reelected, he would block the sale.

Speaking at a rally at New York City’s Madison Square Garden (MSG) on Sunday, Trump first reminded the crowd, which he said included steelworkers: “I saved our steel. I saved our steel plants.”

That was most likely in reference to the Section 232 duties he had imposed on steel imports in 2018 under the guise of national security. Those duties remain mostly on the books today.

“I don’t like Japan buying U.S. Steel,” Trump continued in his speech on Sunday.

The businessman-turned-politician told MSG attendees that the US wouldn’t be going to war, and certainly not World War III, under his presidency.

However, “On the long shot that we do,” he added that sourcing steel from elsewhere is always possible.

“But we need steel. And I would not approve U.S. Steel being bought by Japan,” he stated.

As has been heavily reported by SMU and numerous news outlets, Nippon Steel, Japan’s largest steelmaker, has offered $14.9 billion to buy the Pittsburgh-based steelmaker. The two companies hope to close the deal by the end of this year.

And while Japan itself isn’t trying to buy USS, veteran trade attorney Alan Price points out that Nippon Steel could be using ‘green’ subsidies from the Japanese government to offset the cost of the acquisition.

Laura Miller

Laura Miller is a reporter and editor for Steel Market Update. She has held a variety of positions within the steel industry since 2007, including reporting and editing for Steel Business Briefing/Platts, the Association for Iron and Steel Technology, and Kallanish Commodities, as well as marketing for what was then known as ThyssenKrupp Steel USA (now AM/NS Calvert). After a five-year hiatus working across other industries, she returned to steel in 2021 and has covered the flat rolled, tubular, and trade areas of the industry. She is a member of the Association of Women in the Metal Industries and a past-president of the AWMI Pittsburgh Chapter. She holds a BA in Latin American Studies from Edinboro University of Pennsylvania. She can be reached at laura@steelmarketupdate.com or 724-759-7869.

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