Former Secretary of State Backs Nippon Steel’s Purchase of US Steel
Mike Pompeo, who served as secretary of state during the Trump administration, said this week that he supports the proposed acquisition of U.S. Steel by Japan’s Nippon Steel because he believes it would help American workers compete with “subsidized” Chinese steel.
Sign up for a free preview to unlock the rest of this article
Timely, relevant coverage of court proceedings and agency rulings involving tariffs, classification, valuation, origin and antidumping and countervailing duties. Each day, Trade Law Daily subscribers receive a daily headline email, in-depth PDF edition and access to all relevant documents via our trade law source document library and website.
While President Joe Biden and some U.S. lawmakers have said the longtime American steelmaker should remain in domestic hands (see 2403140049 and 2405100026), Pompeo tweeted that the U.S. “must welcome all friendly nations investments here.”
Despite the opposition to the $14.9 billion deal, Nippon has said it intends to finish the transaction, which is undergoing regulatory review, including by the Committee on Foreign Investment in the U.S. (see 2403150066).