Trump considering allowing sale of U.S. Steel to Nippon Steel

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Trump considering allowing ***** of U.S. Steel to Nippon Steel

President Trump is considering allowing Japan’s Nippon Steel to complete its $14.1 billion acquisition of U.S. Steel, according to multiple sources. 

Approval of the transaction isn’t definite, and Mr. Trump has not made a final decision, sources say.

He is meeting with Japanese Prime Minister Shigeru Ishiba Friday and is expected to discuss the merger, along with automotive issues and tariffs. In the Oval Office, seated next to the Japanese prime minister, Mr. Trump told reporters he hasn’t changed his mind on the *****.

It’s not immediately known if Nippon has offered further concessions, as it did last month when it proposed giving the U.S. government direct veto authority over any changes to U.S. Steel’s production capacity. The proposal represented a minor change to a recommendation from the Committee on Foreign Investment in the United States, a review panel known as CFIUS. That change was intended to allay concerns that Nippon Steel’s proposed purchase of U.S. Steel could lead to a decline in domestic steel output and a reduction in its U.S. workforce. 

The proposed change in the so-called mitigation agreement would give all of the decision-making power on changes to production capacity to the U.S. government.

This is a developing story.

Jennifer Jacobs

Jennifer Jacobs is a senior White House reporter at CBS News.

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