President Donald Trump reportedly is reconsidering his stance on a U.S. Steel-Nippon Steel merger, possibly permitting the $14.9 billion deal to go through.
Citing anonymous sources, CBS News reported Friday the president has softened his stance on the deal after firmly opposing it for more than a year.
Late last year, Trump took to his Truth Social platform with a strong anti-deal statement.
“I am totally against the once great and powerful U.S. Steel being bought by a foreign company,” he said.
Former President Joe Biden blocked the deal early last month, citing national security concerns.
Trump’s reported openness to approving the transaction comes after meeting with U.S. Steel CEO David Burritt on Thursday and amid a White House visit from Japanese Prime Minister Shigeru Ishiba. The two political leaders were expected to hold a joint news conference later Friday.
Sources told CBS News that Trump has not made a final decision. In fact, while seated next to Ishiba on Friday, he told reporters he hasn’t changed his mind.
It’s unclear if Trump could reverse Biden’s decision to block the deal without court intervention.
U.S. Steel and Nippon are suing the Committee on Foreign Investment in the United States, alleging due process violations as the national security panel undertook its review. The companies are asking the courts to void Biden’s decision and initiate a second national security probe.
