U.S. President Donald Trump is touting a plan for Japanese-based Nippon Steel to invest in Pittsburgh-based U.S. Steel, rather than buy the American company outright.
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Speaking Friday from the White House during a joint press conference with Japanese Prime Minister Shigeru Ishiba, President Trump described the investment from Nippon Steel as "very exciting," after mistakenly referring to the company as "Nissan," the Japanese auto manufacturer.
"They'll be looking at an investment rather than a purchase," Trump said.
The details of the deal remain unclear, but President Trump said he plans to meet with the head of Nippon Steel sometime next week.
Through a translator, Japan's Ishiba said the deal will be "mutually beneficial" to both countries.
"President [Trump] and I also concurred that the United States and Japan will make further efforts in a wide range of areas, working hand in hand together to realize a free and open Indo-Pacific," Ishiba said through his translator. "In this context, we also concurred the further advanced cooperation of the multi-layered networks of the like minded countries, including the quad and trilateral cooperation with the Republic of Korea and the Philippines."
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The announcement comes a little over a month after former President Joe Biden rejected a deal proposed by Nippon Steel to acquire U.S. Steel, saying "we need major U.S. companies representing the major share of U.S. steelmaking capacity to keep leading the fight on behalf of America's national interests."
In response, both Nippon Steel and U.S. Steel blasted the decision, saying in a joint statement that Biden's actions reflected "a clear violation of due process and the law." The companies also insisted that there was no evidence to back Biden's claim that the deal would threaten national security.
