Trump announces "partnership" between U.S. Steel and Nippon Steel
/ CBS/AP
President Trump said Friday that U.S. Steel will keep its headquarters in Pittsburgh as part of what he called a "planned partnership" between the iconic American steelmaker and Japan-based Nippon Steel, which has sought to buy it.
Nippon Steel's nearly $15 billion bid to buy U.S. Steel was blocked by former President Joe Biden. After Mr. Trump became president, it was subject to another national security review by the Committee on Foreign Investment in the United States.
"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," the president 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 Dollars to the U.S. Economy."
The president also said he'll hold a "BIG Rally" at US Steel in Pittsburgh on Friday, May 30.
The White House didn't immediately offer further clarification, and US Steel did not immediately respond to a request for comment.
Mr. Trump has levied 25% tariffs on all foreign steel imports in an effort to keep industry players in the U.S.
This is a developing story and will be updated.
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