The US President Donald Trump made another announcement through the Truth Social platform, giving the “green light” to merge the Japanese company steel Nippon with US SEEL US.
The Republican wrote that US Steel and Nippon Steel will form a “partnership”, as Japanese steeling for the acquisition of its American competitor had been blocked for national security reasons. “This will be a planned partnership between US Steel and Nippon Steel, which will create at least 70,000 jobs and add $ 14 billion to the US economy,” Donald Trump said in a post.
US Steel headquarters will remain in Pittsburgh And most of the investment will take place in the next 14 months, the president said. US Steel shares scored more than 24%. President Joe Biden prevented Nippon Steel from buying US Steel for $ 14.9 billion in January, citing national security concerns. Biden then said that the takeover would raise a risk to the US critical supply chains.
“I am proud to announce that, after much thought and negotiations, US Steel will remain in America and maintain its headquarters in the big city of Pittsburgh. For many years, the name “United States Steel” was synonymous with greatness and now it will be again. This is a scheduled partnership between United States Steel and Nippon Steel, which will create at least 70,000 jobs and add $ 14 billion to the US economy. Most of this investment will take place in the next 14 months. This is the largest investment in the history of the Pennsylvania Commonwealth. My tariff policies will ensure that Steel will be again, forever, made in America. From Pennsylvania to Arkansas and from Minnesota to Indiana, American Made is back. I will see you all at US Steel, Pittsburgh on Friday, May 30, for a big gathering. Congratulations to everyone! “Trump said.