Overview

• President Trump announced in Pittsburgh that steel import duties will rise from 25% to 50%, effective next week, to bolster U.S. producers.
• The agreement grants the U.S. government a ‘golden share’ enabling veto power over board appointments and major corporate decisions.
• Nippon Steel’s $14 billion capital infusion will fund plant upgrades, including $2.2 billion for the Mon Valley Works, while retaining Pittsburgh headquarters.
• Officials estimate the deal will preserve or create over 100,000 American jobs, including 14,000 in Pennsylvania, and maintain blast furnaces at full capacity for 10 years.
• United Steelworkers union leaders have voiced skepticism about binding commitments, questioning how much investment will directly benefit unionized facilities.