President Donald Trump announced a new “partnership” between U.S. Steel and Japan’s Nippon Steel. The announcement comes just months after former President Joe Biden blocked a proposed acquisition of the American steelmaker by the Japanese company over national security concerns.
“I am proud to announce that, after much consideration and negotiation, U.S. Steel will remain in America, and keep its headquarters in the great city of Pittsburgh,” Trump said in a statement on Truth Social. “For many years, the name, ‘United States Steel’ was synonymous with greatness, and now, it will be again.”
Major investment and job creation
According to Trump, the new partnership will create 70,000 jobs and inject $14 billion into the U.S. economy.
“The bulk of that investment will occur in the next 14 months,” Trump said.
He described the deal as “the largest investment in the history of the Commonwealth of Pennsylvania.”
The terms of the agreement have not been disclosed.
Biden previously blocked sale
Shortly before leaving office in January, Biden issued an order blocking the $14 billion acquisition of United States Steel Corporation by Nippon Steel Corporation, citing national security risks.
Despite their political differences, Trump and Biden shared opposition to the proposed sale.
Trump’s opposition to purchase deal
While campaigning in August 2024, Trump pledged to stop the deal if it was still on the table when he returned to office.
“I will stop Japan from buying United States Steel. We have a foreign country that wants to purchase one of our greatest,” Trump said at the time. “They shouldn’t be allowed to buy it. We have to make it work. Have to make it work. You don’t want to sell U.S. Steel.”
Shift from sale to investment
In February, Trump was asked if the steel deal was being restructured.
“They’re doing it as an investment, no longer a purchase,” Trump said. “I didn’t want it purchased, but investment, I love.”
In April, Trump requested a re-evaluation of the proposed business acquisition by the Committee on Foreign Investment in the United States to assist “in determining whether further action in this matter may be appropriate.”
Reaction from Pennsylvania
Following the announcement, Pennsylvania Gov. Josh Shapiro confirmed he had been in contact with Trump regarding the deal.
“We have the opportunity to deliver historic investments, ensure the future of American steelmaking continues to run through the Mon Valley while the headquarters of U.S. Steel remains in Pittsburgh and have our workers, right here in Pennsylvania, continue leading the world with their skill and innovation,” Shapiro said.
Trump said he would attend a rally at the U.S. Steel headquarters in Pittsburgh on Friday, May 30.
