Nippon Steel plans to invest US$14 billion in US Steel\u2019s operations including up to US$4 billion in a new steel mill if the Trump administration approves its bid for the iconic US company, according to a document and two people familiar with the matter.<\/p>\n
Under details of the plan included in the document, the company will plough US$11 billion into US Steel\u2019s infrastructure until the end of 2028. That includes US$1 billion in a green field site, which is expected to grow by US$3 billion over the following years and has not been previously reported. The total investment figure was previously reported by finance website CTFN.<\/p>\n
The supercharged investment pledge, up from an initial US$1.4 billion, was pitched as part of a last-ditch effort to win approval of the merger, which has drawn fire from both US Presidents Donald Trump and Joe Biden<\/a>.The companies face a May 21 deadline for the completion of a fresh national security review of their proposed tie-up, which was blocked by Biden on national security grounds in January following an earlier review. Trump<\/a> would then have 15 days to decide the fate of the transaction, although the timeline could slip.<\/p>\n It is unclear if the billions in new investment will be enough to sway Trump, though two other sources said his administration sought the increased investment.<\/p>\n But the offer shows the lengths Nippon Steel is willing to go to to secure approval, with a looming US$565 million break-up fee and current steep US steel tariffs of 25 per cent to access thriving American steel markets.<\/p>\n","protected":false},"excerpt":{"rendered":"Nippon Steel plans to invest US$14 billion in US Steel\u2019s operations including up to US$4 billion in a…\n","protected":false},"author":2,"featured_media":115094,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5311],"tags":[12634,6890,51927,32,51925,714,18298,51928,4342,51924,51923,51929,1166,49,978,51926,659,6709],"class_list":{"0":"post-115093","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-united-states","8":"tag-american","9":"tag-biden","10":"tag-ctfn","11":"tag-donald-trump","12":"tag-january","13":"tag-joe-biden","14":"tag-national-security","15":"tag-nippon-steel","16":"tag-pennsylvania","17":"tag-reuters","18":"tag-takahiro-mori","19":"tag-treasury-department","20":"tag-trump-administration","21":"tag-united-states","22":"tag-us","23":"tag-us-steel","24":"tag-usa","25":"tag-washington"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114536102691787278","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/115093","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=115093"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/115093\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/115094"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=115093"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=115093"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=115093"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}