1 month ago
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President Donald Trump announced on Friday evening that the headquarters of US Steel will remain in America after the Japan-based company Nippon Steel moved to purchase US Steel.
Trump posted to Truth Social, "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. 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 bulk of that Investment will occur in the next 14 months. This is the largest Investment in the History of the Commonwealth of Pennsylvania. My Tariff Policies will ensure that Steel will once again be, 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, in Pittsburgh, on Friday, May 30th, for a BIG Rally. CONGRATULATIONS TO ALL!" Trump added.
According to Fox Business, the partnership between US Steel and Nippon Steel allows for the Japanese company to have a stake in US Steel, but it will not take full ownership of the firm.
US Steel will keep its American name, leadership team, and will be able to expand its factories using funds from the deal. The partnership between the two companies will modernize operations at US Steel, but not give complete control to Nippon Steel.
Nippon Steel had originally floated a bid of $14.9 billion to purchase US Steel, but the deal replaces that idea. Nippon Steel stated in response to the partnership, "Nippon Steel applauds President Trump for his bold action to approve our partnership with U.S. Steel."
"We share the Trump administration’s commitment to protecting American workers, the American steel industry and America’s national security," the company said, adding that the partnership is "a game-changer for U.S. Steel and all of its stakeholders, including the American steel industry and the broader American manufacturing base."
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