CBS: 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.
“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. “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.”
Shares of U.S. Steel jumped 21% on the news, and continued rising in aftermarket trading. The president also said he’ll hold a “BIG Rally” at U.S. Steel in Pittsburgh on Friday, May 30. The White House didn’t immediately offer further clarification, and it was unclear who would own U.S. Steel under the arrangement. U.S. Steel praised Mr. Trump on Friday, saying in a statement: “President Trump is a bold leader and businessman who knows how to get the best deal for America, American workers and American manufacturing.”
“U. S. Steel will remain American, and we will grow bigger and stronger through a partnership with Nippon Steel that brings massive investment, new technologies and thousands of jobs over the next four years,” the company said.
Nippon Steel said in a statement that it “applauds President Trump for his bold action to approve our partnership with U. S. Steel,” but did not provide additional details about the terms of the deal.
