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Trump Approves $14 Billion Nippon Steel Partnership to Keep US Steel American

Trump’s approval secures $14 billion in Nippon Steel investment, preserves Pittsburgh headquarters, guarantees US oversight, promises 70,000 new jobs.

Overview

  • President Trump said the partnership will be controlled by the United States, overturning President Biden’s 2023 veto on national security grounds.
  • Nippon Steel plans to inject $14 billion into US Steel operations, including up to $4 billion for a new steel mill.
  • The agreement is projected to create at least 70,000 American jobs and add $14 billion to the US economy within 14 months.
  • US Steel shares surged about 21% after Trump’s announcement but remained below Nippon Steel’s $55 per share offer agreed in December 2023.
  • United Steelworkers union leaders have expressed skepticism, warning that foreign involvement could weaken domestic capacity and jeopardize union jobs.