President Trump said the partnership will keep the company and its operations in the U.S.
President Donald Trump recently announced a “planned partnership” between U.S. Steel and Nippon Steel, disclosing few details about the transaction. Nippon Steel will invest $14 billion into U.S. Steel and allow it to keep its headquarters in Pittsburgh, Pennsylvania, rather than moving to Japan. The company’s board will be required to have an American member.
“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,” President Trump wrote. “For many years, the name, ‘United States Steel’ was synonymous with Greatness, and now, it will be again.”
Nippon Steel first proposed a $14.9 billion purchase of U.S. Steel in 2024, but President Biden’s administration blocked the proposed merger due to national security concerns about having U.S. jobs controlled by a large foreign corporation. The deal is expected to create 70,000 U.S. jobs.
“It’s an investment and it’s a partial ownership, but it will be controlled by the USA,” President Trump stated, “Otherwise I wouldn’t make the deal.”
As the Lord Leads, Pray with Us…
- For President Trump as he makes deals on investments and trade agreements with other nations.
- For wisdom for the president and members of his administration as they seek to improve the country’s economy.
Sources: Reuters, MSN, UPI News, Axios
