President Donald Trump endorsed a “planned partnership” Friday between U.S. Steel and Nippon Steel, claiming the deal between the two steel giants will constitute the largest economic investment in Pennsylvania’s history.
The president’s 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 company’s investments will add at least 70,000 jobs to the economy. (RELATED: Biden Admin Blocks Japanese Company’s $15 Billion Takeover Of US Steel)
“For many years, the name, ‘United States Steel’ was synonymous with Greatness, and now, it will be again,” Trump wrote on Truth Social. “This 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.”
The Trump administration’s endorsement of a U.S. Steel-Nippon Steel partnership follows former President Joe Biden’s 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.
“Without domestic steel production and domestic steel workers, our nation is less strong and less secure,” Biden wrote in a press release.
PITTSBURGH, PENNSYLVANIA – MARCH 20: A general view of the exterior of the U.S. Steel Tower, headquarters of USX Steel, on March 20, 2024 in Pittsburgh, Pennsylvania. (Photo by Jeff Swensen/Getty Images)
Trump 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 “huge victory for America.” “My priorities are preserving and expanding jobs and investment in the Mon Valley,” McCormick wrote. “This partnership gets it done.” CFIUS was slated to deliver its assessment of the proposed 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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