By Gram Slattery and David Shepardson
YORK, Pa. (Reuters) – Republican presidential candidate Donald Trump will confirm on Monday that he will block Nippon Steel Corp.’s planned purchase of U.S. Steel and move to roll back power plant pollution rules put in place by the Biden administration.
Trump had signaled in February that he would move to block the deal. Trump is set to tell workers in York, Pennsylvania, that if elected he would “stop Japan from buying American steel,” according to prepared remarks released by the campaign.
U.S. Steel shares had fallen and tumbled after Trump’s planned remarks were announced, recently trading down 3.5%. President Joe Biden said in March that it was essential for U.S. Steel to “remain a domestically owned and operated American steel company.”
In April, the Environmental Protection Agency published final rules targeting carbon, air and water pollution from power plants, which it says could cut more than 1 billion metric tons of greenhouse gas emissions by 2047. According to the EPA, the electricity sector is responsible for nearly a quarter of U.S. greenhouse gas pollution.