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The president said he is doubling duties on steel imports while talking up U.S. Steel's deal with Japan's Nippon on Friday.
Trump was visiting the United States Steel Corp. plant to champion an expected deal between US Steel and Japan's Nippon Steel Corp. as one that would ensure the iconic American firm remains US-owned and operated, and he would be increasing tariffs on steel to 50% from 25%. Bloomberg's Josh Wingrove has more on the story.
President Donald Trump touts Nippon Steel's partnership with U.S. Steel, calling it “a blockbuster agreement" that ensures the company “stays an American company."
Investors, steelworkers and political leaders await details from the president ahead of his Friday rally planned at a U.S. Steel mill near Pittsburgh.
President Trump will hold a rally Friday at a U.S. Steel plant near Pittsburgh, one week after signaling he had cleared a merger with Japan's Nippon Steel.
Shares of U.S. Steel just saw its third downgrade in the past week, but other companies may be in a weaker position.
Strictly speaking, any type of special or dual-class share structure that offers more voting power to a bloc is a version of a golden share. What the White House has in mind, however, seems to be more targeted for the deal-making attempts between U.S. Steel and Nippon Steel.
United States Steel (NYSE:X) has experienced a stock increase of over 50% so far this year, in contrast to the 1% decline in the S&P 500 Index. The rise in U.S. Steel's stock price is significantly more pronounced compared to its competitors, including VALE (NYSE: VALE), which has increased by 8% year to date, Cleveland-Cliffs (NYSE:CLF), which has decreased by 32% over the same timeframe, ArcelorMittal (NYSE:MT), which is up 33% year to date, and Nucor Corp (NYSE: NUE), which has decreased by 5% during the same period.
Nippon Steel investors and analysts are asking if its $15-billion deal to buy U.S. Steel , backed but not yet approved by President Donald Trump, is positive for the near term, even if its hopes for strong U.S. demand materialise.
President Donald Trump said on Wednesday that any deal that saves social media platform TikTok from being banned in the U.S will look different than the expected deal between Japan's Nippon Steel and U.S. Steel.