President Donald Trump announced Friday that U.S. Steel would form a “partnership” with Nippon Steel, the culmination of months of negotiations over how to keep the industry American-owned and operated.
“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 wrote on social media. “For many years, the name, ‘United States Steel’ was synonymous with Greatness, and now, it will be again.”
Trump first previewed the deal between U.S. Steel and Nippon Steel during a press conference with Japanese Prime Minister Shigeru Ishiba at the White House in February. There were originally discussions for Nippon to acquire U.S. Steel, but under this arrangement, approved on Friday by the Committee on Foreign Investment in the United States, the Japanese company will instead invest in its U.S. counterpart.
In the same social media post, Trump predicted the deal would create at least 70,000 jobs and inject $14 billion into the U.S. economy.
“The bulk of that Investment will occur in the next 14 months,” the president said. “This is the largest Investment in the History of the Commonwealth of Pennsylvania. My Tariff Policies will ensure that Steel will once again be, forever, MADE IN AMERICA.”
He added: “From Pennsylvania to Arkansas, and from Minnesota to Indiana, AMERICAN MADE is BACK. I will see you all at US Steel, in Pittsburgh, on Friday, May 30th, for a BIG Rally.”
The decision from CFIUS, a U.S. interagency committee that reviews foreign investments for possible national security risks, helps the domestic steel industry amid Trump’s 25% tariffs on imported steel and aluminum. It also aids a state that catapulted the president back into the White House in November.
Although Trump and former President Joe Biden were opposed to Nippon purchasing U.S. Steel for $15 billion last year, Trump welcomed Nippon investing in it after meeting with U.S. Steel CEO David Burritt at the White House during the same week as the Japanese visit.
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“They’ve agreed to invest heavily in U.S. Steel as opposed to own it, and that sounds very exciting,” he said at the time.
Biden stopped Nippon’s acquisition during his final days in office after a recommendation from CFIUS, but a senior Japanese official told reporters that Ishiba would not press Trump on the issue during their meeting.
