WASHINGTON: Former US President Donald Trump on Saturday reiterated that he would block the planned buyout of United States Steel Corp. by Japan’s Nippon Steel Corp. if he returns to power after the US presidential election in autumn.

“I would not let that deal go through in my next term,” Trump said in a speech in Pennsylvania, after shareholders of US Steel on Friday approved Nippon Steel’s proposal to acquire the industry peer.

“One of the great companies of the world…is being sold to Japan. Congratulations, Japan,” Trump said sarcastically.

US Steel is headquartered in Pennsylvania, one of the key swing states in the November presidential election.

In the 2016 election, part of the labor vote went to Trump, then the Republican presidential candidate, which contributed to his victory.

By showing a stance to side with the United Steelworkers trade union, which opposes Nippon Steel’s planned acquisition of US Steel, Trump apparently aims to win the labor vote again in this year’s election.

US President Joe Biden, who will clash in the presidential race with Trump, has also expressed his opposition to the buyout plan, vowing to keep his promise to workers. Last month, the USW said it would support Biden in the race.

At an extraordinary meeting Friday, US Steel shareholders approved the buyout proposal by Nippon Steel, with votes in favor of the move accounting for more than 98 percent. The proposal is still under review by US antitrust authorities and the Committee on Foreign Investment in the United States.

JIJI Press