Former President Donald Trump announced on Friday that U.S. Steel and Nippon Steel have entered into a “partnership,” following the obstruction of the Japanese firm’s acquisition of its American counterpart due to national security issues.
Trump emphasized the partnership’s potential, stating, “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 to the U.S. economy,” in a message shared on his social media platform Truth Social.
The president noted that U.S. Steel’s headquarters will remain in Pittsburgh, with a significant portion of the investment expected over the next 14 months. As a result, shares of U.S. Steel soared over 24% in response to the announcement.
This development follows President Joe Biden’s decision in January to block Nippon Steel’s $14.9 billion bid to acquire U.S. Steel, citing concerns about national security and the potential for disruptions to critical supply chains.
In April, Trump directed a review of the proposed acquisition by the Committee on Foreign Investment in the United States, seeking to determine if further action regarding the matter was warranted.
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