President Donald Trump on Friday announced a “partnership” between U.S. Steel and Nippon Steel, months after the Biden administration blocked the Japanese steelmaker’s efforts to acquire the U.S. company over national security concerns.
“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 said 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.”
Trump said the bulk of the investment will occur in the next 14 months, and said it will represent the largest investment in Pennsylvania state history.
“My Tariff Policies will ensure that Steel will once again be, forever, MADE IN AMERICA,” he wrote. “From Pennsylvania to Arkansas, and from Minnesota to Indiana, AMERICAN MADE is BACK.”
Then-President Biden stepped in to prevent Nippon Steel from purchasing U.S. Steel for $14.9 billion in January, arguing that the acquisition could pose a risk to critical supply chains.
Trump first announced in February that he also opposed the acquisition, but would support Nippon Steel pouring a substantial investment into U.S. steel.
In April, Trump ordered a new review of the proposed acquisition. He asked the Committee on Foreign Investment in the United States to review whether “further action in this matter may be appropriate.”
Senator Dave McCormick (R., Pa.) celebrated the “huge victory” in a statement posted to X on Friday.
“This partnership is great for the economy, great for national security, and great for the hardworking people of Pennsylvania. I am proud to stand by President Trump as he lives up to our shared promise to rebuild U.S. manufacturing and deliver for America’s workers,” McCormick said.
Trump, meanwhile, said he would hold a “BIG rally” at U.S. Steel in Pittsburgh on May 30.