Steelworkers Feel 'Gut Punch' as Trump Plans to Block Takeover [View all]
Source: Newsweek
Published Dec 04, 2024 at 6:26 AM EST
Pennsylvania steelworkers are feeling a "gut punch" after President-elect Donald Trump said he would block the $14.9 billion sale of U.S. Steel to a Japanese company.
On Monday, Trump reiterated a campaign promise, pledging on Truth Social to block the deal. He wrote: "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.
"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!!!"
In the Pittsburgh area, where U.S. Steel employs about 3,500 people, the company's sale to Nippon has proved popular. Following Trump's statement, Jason Zugai, the vice president of the United Steelworkers Local 2227 branch in West Mifflin, southeast of Pittsburgh, said: "For me, yeah, very frustrated with the news that came out last night. I didn't expect that to come out, so that was like a gut punch."
Read more: https://www.newsweek.com/pennsylvania-steelworkers-donald-trump-plans-block-us-steel-nippon-merger-1995300
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