Former US President Donald Trump, a Republican, and Democratic Pennsylvania Gov. Josh Shapiro have renewed their criticism of Nippon Steel's proposed takeover of US Steel (USS), with each politician again speaking out against the deal.
Speaking at his campaign rally in York, Pennsylvania, Trump again vowed to block the deal if voters return him to the White House.
“I will not let Japan buy United States Steel,” Trump said. "They shouldn't be allowed to buy it."
Shapiro mentioned the controversial deal at the Democratic National Convention in Chicago, Illinois. In a call with news reporters, the Pennsylvania CEO stressed that Nippon's takeover of the 123-year-old Pittsburgh-based steel mill is not in the best interests of USS employees or the communities in its state. His new comments come less than a week after the United Steelworkers union repeated its concerns about a lack of financial transparency regarding Nippon's investment plans for the USS plants.
“I have made it clear that I will not support any a deal that US Steel workers will not support,” Shapiro said. "Nippon has a lot of work to do to improve its relationship with steelmakers, if it succeeds at all."
The acquisition is being reviewed by federal antitrust and trade regulators. It is also the subject of arbitration, which began last week. While the arbitration moved forward, and after Trump and Shapiro's remarks, USS shares lost almost 10% of their value.
