Former Secretary of State Backs Nippon Steel’s Purchase of US Steel

Mike Pompeo, who served as secretary of state during the Trump administration, said this week that he supports the proposed acquisition of U.S. Steel by Japan’s Nippon Steel because he believes it would help American workers compete with “subsidized” Chinese steel.

While President Joe Biden and some U.S. lawmakers have said the longtime American steelmaker should remain in domestic hands (see 2403140049 and 2405100026), Pompeo tweeted that the U.S. “must welcome all friendly nations investments here.”

Despite the opposition to the $14.9 billion deal, Nippon has said it intends to finish the transaction, which is undergoing regulatory review, including by the Committee on Foreign Investment in the U.S. (see 2403150066).