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WASHINGTON — President Trump announced Friday that Japan-based Nippon Steel will be allowed to invest in US Steel, ending a years-long drama over the fate of a company once synonymous with American economic power.
“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. 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 bulk of that Investment will occur in the next 14 months.”
Nippon Steel first announced plans to acquire US Steel back in 2023, sparking a feud with the Biden administration whether a foreign company should be allowed to absorb the American institution.
Former President Joe Biden blocked the deal from going through, and Trump also said the Japanese company wouldn’t be able to purchase the second-largest US steel company outright.
“US Steel is a very important company to us,” Trump said in February at a press conference after meeting with Japanese Prime Minister Shigeru Ishiba. “It was the greatest company in the world for 15 years, many years ago, 80 years ago, and we didn’t want to see that leave, and it wouldn’t actually leave, but the concept, psychologically, not good.”
