U.S. President Donald Trump on Friday publicly endorsed a new “partnership” between American steel giant US Steel and Japan’s Nippon Steel, triggering a significant surge in US Steel’s share price. The announcement signals a potential resolution to the protracted debate surrounding foreign ownership of a critical national industrial asset.
While specific details of the proposed arrangement remain undisclosed, US Steel’s stock experienced a dramatic jump following Trump’s celebratory post on Truth Social. The Pennsylvania-headquartered company’s shares closed up over 21 percent and continued to climb in after-hours trading, reflecting investor optimism for an end to the uncertainty.
“US Steel will REMAIN in America, and keep its Headquarters in the Great City of Pittsburgh,” the former U.S. president declared in his social media message. He further asserted that this new “planned partnership” between US Steel and Nippon Steel is projected to generate a minimum of 70,000 jobs and inject an additional $14 billion into the U.S. economy.
Trump’s remarks mark a pivotal moment in a saga that commenced in December 2023, when US Steel and Nippon Steel initially unveiled their $14.9 billion merger proposal. That original deal had faced vehement opposition, particularly from labor unions, largely due to concerns regarding the transfer of ownership of a strategically important domestic asset to a foreign entity.
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