Feb 25, 2025 - Business
Nippon Steel plans talks with Trump administration over U.S. Steel deal
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Nippon Steel of Japan on Tuesday said that it will discuss its planned purchase of U.S. Steel with the Trump administration, as it continues to challenge former President Biden's block of the deal in court.
Zoom in: Nippon agreed to buy U.S. Steel for $55 per share in late 2023, and says that agreement would be the starting point in any negotiations.
- It also left open the possibility of making a non-control equity investment, which is something President Trump recently suggested was a done deal. U.S. Steel, meanwhile, seems to still support a Nippon acquisition — but hasn't publicly commented on renegotiation talks.
- No talks with Trump himself are scheduled, as Nippon expects instead to work with U.S. Commerce Secretary Howard Lutnick.
Between the lines: Nippon and U.S. Steel are suing Biden for blocking the deal without first engaging in a legitimate national security review, as is required by law.
- Trump vowed the block the deal as a candidate, and continues to do so, also without launching a national security review (although he could rely upon Biden's).
