On September 4th, 2024, the water tower at the US Steel Construction Factory at Edgar Thomson Works Steel Mill in Braddock, Pennsylvania.
Justin Merriman | Bloomberg | Getty Images
President Donald Trump cleared the merger on Friday US Steel It was blocked for national security reasons after an earlier bid that the Japanese steelmaker had acquired a US rival.
“This will be a planned partnership between US Steel and Nippon Steel, creating at least 70,000 jobs and adding $14 billion to the US economy,” Trump said in a post on social media platform Truth Social.
The US Steel headquarters remains in Pittsburgh, with most of the investment going on over the next 14 months, the president said. US steel stocks have skyrocketed more than 20% at $52.01 per share after Trump’s announcement.
President Joe Biden blocked Nippon Steel from purchasing US Steel for $14.9 billion in January, citing national security concerns. Biden said at the time that the acquisition would create risks to supply a critical chain for the United States.
However, Trump ordered a new review of the proposed takeover in April, directing the US Foreign Investment Committee to determine “whether further action on this issue is appropriate.”
Trump said he would hold a rally in American Steel in Pittsburgh on May 30th.
