Nippon Steel, US Steel to Form ‘Partnership,' Trump Says
President Donald Trump said May 23 that Japan-based Nippon Steel and U.S. Steel will enter a “planned partnership” that will invest in the 124-year-old American company while preserving its identity.
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“I am proud to announce that, after much consideration and negotiation, US Steel will REMAIN in America, and keep its Headquarters in the Great City of Pittsburgh,” Trump wrote on Truth Social. “For many years, the name, 'United States Steel' was synonymous with Greatness, and now, it will be again.”
Trump said the partnership will “add” $14 billion to the U.S. economy and that the “bulk of that Investment will occur in the next 14 months.” He didn’t say what the investment will entail.
Nippon Steel and U.S. Steel both issued statements welcoming Trump's announcement. David McCall, international president of the United Steelworkers, which opposed Nippon Steel's original plan to acquire U.S. Steel, said in an emailed statement that his union "cannot speculate about the impact of [Trump's] announcement without more information."
Nippon Steel proposed acquiring U.S. Steel in December 2023 for $14.9 billion but faced opposition from the Biden administration (see 2501030009). Trump unveiled the idea of a “big investment” in U.S. Steel as an alternative in February but later ordered the Committee on Foreign Investment in the U.S. to take another look at a potential acquisition (see 2502070060, 2504070015 and 2505220065).