Trump Vows to Block Nippon Steel's Buyout of U.S. Steel

SEATTLE (Scrap Monster): Former U.S. President Donald Trump on Saturday reiterated that he would block the planned buyout of United States Steel Corp. by Japan's Nippon Steel Corp. if he returns to power after the U.S. presidential election in autumn.

"I would not let that deal go through in my next term," Trump said in a speech in Pennsylvania, after shareholders of U.S. Steel on Friday approved Nippon Steel's proposal to acquire the industry peer.

"One of the great companies of the world...is being sold to Japan. Congratulations, Japan," Trump said sarcastically.

U.S. Steel is headquartered in Pennsylvania, one of the key swing states in the November presidential election.

In the 2016 election, part of the labor vote went to Trump, then the Republican presidential candidate, which contributed to his victory.

Courtesy: www.nippon.com