President Donald Trump has approved a major merger between US Steel and Japan's Nippon Steel, a decision he says will bring $14 billion into the US economy and create 70,000 new jobs.
The announcement was made Friday through Trump's social media platform, Truth Social.
"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 US Economy," Trump posted.
He added that most of the investment will happen in the next 14 months and that US Steel's headquarters will stay in Pittsburgh.
According to CNBC, US Steel's stock surged by more than 20% after the news, closing at $52.01 per share.
The merger had been blocked earlier this year by President Joe Biden, who cited national security concerns.
Biden's administration feared foreign control over a key American industry could threaten supply chains important to the US.
But Trump reopened the review in April, asking the Committee on Foreign Investment in the United States (CFIUS) to look again at the deal.
After Nippon Steel raised its investment promise, including plans to build a $4 billion steel plant in the US, CFIUS submitted its findings to Trump this week.
U.S. President Donald Trump has approved Nippon Steel's bid to buy U.S. Steel, White House sources said Friday. Read more: https://t.co/cqNYFajmcL pic.twitter.com/gDJc5DNhG7
— Nikkei Asia (@NikkeiAsia) May 23, 2025
Trump Plans May 30 Visit to US Steel in Pittsburgh
Trump is now planning to visit the US Steel plant in Pittsburgh for a rally on May 30.
The details of the agreement, such as how much control Nippon will actually have, are still not fully clear. Trump had earlier said, "I don't want US Steel being owned by a foreign country. All they can have is an investment."
US Steel, once a symbol of American strength, has seen tough times for decades.
It now employs about 14,000 workers in the US, most of them unionized, CNN said. On Friday, the company praised Trump as a "bold leader" and said the partnership would bring new technologies, jobs, and investment.
However, the United Steelworkers union strongly opposes the deal, saying it would hurt American workers and the country's security.
"We now urge [Trump] to act decisively, shutting the door once and for all on this corporate sellout," the union said Thursday.
Political leaders are split. Republican Senator Dave McCormick supported the deal, saying it keeps US Steel under American control.
Pennsylvania Governor Josh Shapiro also backed the move, saying he personally spoke with Trump and focused on bringing jobs and investment to the state.
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