Former U.S. President Donald Trump said Wednesday he will thwart Nippon Steel Corp.'s bid to acquire United States Steel Corp. if he returns to the White House after winning the November presidential election.
"I would block it instantaneously. Absolutely," Trump, the dominant front-runner in the Republican nomination contest for the election, told reporters after a meeting in Washington with leaders of the Teamsters labor union.
"We saved the steel industry. Now, U.S. Steel is being bought by Japan. So terrible," Trump said in his first clear statement of opposition to the Tokyo-headquartered company's over $14 billion deal with the U.S. producer to create the world's third-largest steelmaker by volume.
While the planned acquisition has fueled concern among some U.S. lawmakers and union members, the former president known for his "Make America Great Again" slogan also said he wants to bring jobs back to the United States.
Trump's meeting with the International Brotherhood of Teamsters, one of the largest labor unions in the country that represents freight drivers and warehouse workers, came as he steps up preparations for the election that could see a rematch with Democratic President Joe Biden.
The Biden administration has said the planned purchase of the iconic steelmaker, even if by a company from a U.S. ally, should be scrutinized in terms of its potential impact on national security.
The steelmaker is headquartered in Pittsburgh, Pennsylvania, a key battleground state in the election.
The United Auto Workers union last week endorsed Biden, who last fall became the first sitting U.S. president to join a picket line of workers striking for higher pay.
Trump's meeting with the Teamsters' leadership on Wednesday came as the union has yet to endorse a presidential candidate.
