Trump Announces US Steel–Nippon Partnership Deal

The president said he would be holding a ‘big rally’ at U.S. Steel in Pittsburgh next week.

The U.S. Steel Clairton Plant in Clairton, Pa., on April 8, 2024. Dominic Gwinn/Middle East Images via AFP via Getty Images

WASHINGTON—President Donald Trump announced on May 23 that he has approved the “planned partnership” between U.S. Steel and Japan’s Nippon Steel, stating that the company will stay in Pittsburgh and is expected to create at least 70,000 jobs.

“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 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 to the U.S. Economy,” he added.

Trump said that the majority of the investment “will occur in the next 14 months.”

“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. From Pennsylvania to Arkansas, and from Minnesota to Indiana, AMERICAN MADE is BACK,” Trump said.

The president also announced that he would be holding a “big rally” at the U.S. Steel facility in Pittsburgh on May 30.

Nippon Steel, the world’s fourth-largest steelmaker, announced in December 2023 that it would purchase U.S. Steel for $14.9 billion in an all-cash agreement.

A few months later, U.S. Steel shareholders approved the takeover bid.

However, President Joe Biden opposed the deal, citing national security concerns.

“U.S. Steel has been an iconic American company for more than a century, and it should remain totally American,” Biden told union workers during a speech at the United Steelworkers headquarters in Pittsburgh on April 17, 2024.

In early January, weeks before leaving office, Biden blocked the acquisition deal, citing the need to maintain a domestically owned steel industry.

He described steelmaking as a strategic sector vital to U.S. security and resilient supply chains.

During his 2024 presidential campaign, Trump also opposed Nippon Steel’s proposed acquisition of U.S. Steel, sharing the same concerns with Biden.

Trump later changed his stance on the deal. On April 7, he ordered a new review of the proposed acquisition deal.

In a presidential memorandum, he directed the Committee on Foreign Investment in the United States (CFIUS) to conduct a new review of the transaction.

The memorandum instructed the committee to evaluate the deal’s potential national security risks and to provide the president with recommendations within 45 days.

While Trump had previously stated his opposition to foreign ownership of the U.S. steelmaker, he expressed openness to Japanese investment in its operations.

In February, standing alongside Japanese Prime Minister Shigeru Ishiba, Trump said Nippon Steel would “invest heavily in U.S. Steel, as opposed to [owning] it,” and welcomed the proposed capital infusion.

“Investment is mutually beneficial,” Ishiba said during the joint press conference at the White House.

“Japanese technology will be provided, and better quality products will be manufactured in the United States.”

Following the announcement, U.S. Steel Corporation also issued a statement.

“U. S. Steel will remain American, and we will grow bigger and stronger through a partnership with Nippon Steel that brings massive investment, new technologies and thousands of jobs over the next four years,” the statement shared with The Epoch Times read.

“U. S. Steel greatly appreciates President Trump’s leadership and personal attention to the futures of thousands of steelworkers and our iconic company.”

Andrew Moran and Chase Smith contributed to this report.