President Donald Trump endorsed a âplanned partnershipâ Friday between U.S. Steel and Nippon Steel, claiming the deal between the two steel giants will constitute the largest economic investment in Pennsylvaniaâs history.
The presidentâs decision to greenlight a partnership between the Japanese steel company and its American rival producer caps off a years-long fight over the fate of the iconic Pennsylvania company, U.S. Steel. Trump announced the steel company will remain headquartered in Pittsburgh and that the Japanese steel companyâs investments will add at least 70,000 jobs to the economy.
âFor many years, the name, âUnited States Steelâ was synonymous with Greatness, and now, it will be again,â Trump wrote on Truth Social. âThis will be a planned partnership between United States Steel and Nippon Steel, which will create at least 70,000 jobs, and add $14 Billion Dollars to the U.S. Economy.â
The Trump administrationâs endorsement of a U.S. Steel-Nippon Steel partnership follows former President Joe Bidenâs decision to block the sale of U.S. Steel to its Japanese competitor for nearly $15 billion in January, citing national security and supply chain concerns.
âWithout domestic steel production and domestic steel workers, our nation is less strong and less secure,â Biden wrote in a press release.
Trump initially opposed the takeover of U.S. steel by the Japanese steelmaker during his successful 2024 campaign and while serving as president-elect, arguing the Pittsburgh-based company should continue to be domestically-owned.
However, he appeared more open to a deal upon taking office and directed the Committee on Foreign Investment in the United States to undertake a new review of the proposed merger in April.
Republican Pennsylvania Sen. Dave McCormick praised the $14 billion investment by Nippon Steel in a statement, calling the deal a âhuge victory for America.â
âMy priorities are preserving and expanding jobs and investment in the Mon Valley,â McCormick wrote. âThis partnership gets it done.â
CFIUS was slated to deliver its assessment of the merger this week.
Trump announced a May 30 rally at U.S. Steel headquarters to celebrate the major job creation news.
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