Trump says he will block Japanese firm from buying US Steel

ANKARA

US President-elect Donald Trump reiterated his vow to block a deal for Japan’s Nippon Steel to acquire US Steel.

"I am totally against the once great and powerful U.S. Steel being bought by a foreign company, in this case Nippon Steel of Japan,” he wrote on Truth Social, his social media platform, late Monday. “Through a series of Tax Incentives and Tariffs, we will make U.S. Steel Strong and Great Again, and it will happen FAST! As President, I will block this deal from happening."

"Buyer Beware!!!" he added.

His statement came as Nippon Steel hopes to complete its planned purchase of the US producer by the end of this year, according to Kyodo News.

Trump is due to officially return to the White House on Jan. 20.

On the campaign trail, Trump had pledged that if elected he would block the over $14 billion deal.

Last December, the two sides announced that they had entered an agreement under which Nippon Steel would acquire US Steel in an all-cash transaction at $55 per share, representing an equity value of approximately $14.1 billion plus the assumption of debt, for a total enterprise value of $14.9 billion.

*Writing by Islamuddin Sajid