Trump directs a new national security review on the $14.9 billion acquisition suspended by Biden, indicating a possible change in the US stance on the deal.
On April 7, President Donald Trump ordered a new review of a $14.9 billion acquisition proposal for US steel by Japanese Steel by Japan, months after the deal was blocked by its predecessor on national security concerns.
Trump previously stated his opposition to foreign ownership of a well-known US steelmaker, but expressed openness to Japan’s investment in the business.
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US Steel said on April 7 that it appreciated Trump’s decision.
“We look forward to working closely with President Trump and his administration to continue working closely together to maintain existing jobs, create new jobs, strengthen national security, and ensure a bright future for American manufacturing,” the company said in an email to the Epoch era.
Nippon’s plans, announced in December 2023, aim to acquire US Steel to expand its global footprint and modernize the operations of the Pittsburgh-based company. Japanese companies had pledged to invest more than $2.7 billion, including major upgrades at steel factories in Pennsylvania and Indiana.
Trump’s order reveals that the new CFIUS review should include opinions from national security and trade officials as well as the full opportunity for businesses to address their concerns.
The memorandum states that the review is “confidential” and follows standard CFIUS procedures. Each participating institution must submit its position and reasoning in its final recommendations.
Trump’s actions came amid a renewed focus on reviving US manufacturing and strengthening its industrial supply chain. The President has linked these efforts to his broader tariff strategies and repurpose agenda.
The original acquisition proposal elicited bipartisan opposition from lawmakers and union groups concerned about foreign ownership. However, regional leaders in steel production areas such as Pennsylvania and Indiana support the deal, citing the risk of fresh capitalless unemployment.
The Epoch Times reached out to Nippon Steel for comment, but did not receive a response by the time of publication.
Andrew Moran and Jack Phillips contributed to this report.
