FILE - This April 26, 2010, file photo shows the United States Steel logo outside the headquarters building in downtown Pittsburgh. President-elect Donald Trump is underscoring his intention to block the purchase of U.S. Steel by Japanese steelmaker Nippon Steel Corp., and he’s pledging to use tax incentives and tariffs to strengthen the iconic American steelmaker.
During the tour, slabs of steel, glowing hot-orange at more than 1,000 degrees Celsius , rolled through the cavernous plant to become giant spools of super-thin steel. In September, an arbitration board jointly chosen by U.S. Steel and United Steelworkers decided the proposed acquisition could proceed.
“While Japan is a political ally, it is also an economic competitor, one that has proven time and again that it is willing to promote its steel industry at our expense,” the union said.
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Trump to Block Nippon Steel's $14 Billion U.S. Steel AcquisitionPresident-elect Trump announced his intention to use tax incentives to prevent Nippon Steel's acquisition of U.S. Steel, a deal valued at $14 billion, citing concerns over foreign ownership. He plans to act swiftly as president to block the transaction, which faces opposition from President Biden and a powerful U.S. labor union.
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