Trump Announces 'Partnership' Between US Steel, Nippon

President Trump announced a deal on Friday between US Steel and Japan's Nippon Steel, which have been seeking approval to merge, but the scope of the agreement wasn't revealed. The president posted on Truth Social that the companies will enter into a "planned partnership" that will keep US Steel's headquarters in Pittsburgh. But no financial terms were announced, the Washington Post reported, and neither White House officials nor the companies would say whether Nippon is acquiring US Steel or just investing in it, or how much control the American company might retain. The saga began with Nippon proposing in 2023 to buy US Steel for about $14.9 billion.

President Biden had opposed the merger on national security grounds, calling US Steel and its product vital to the US, and he blocked it just before leaving office. When he returned to office, Trump expressed agreement with his predecessor, per CNN. "I don't want US Steel being owned by a foreign country. All they can have is an investment," Trump said. Investors on Friday took Trump's announcement as an indication there will be a merger to some degree, per the Hill, driving US Steel shares up. And both companies issued approving statements that also called their arrangement a partnership. Nippon Steel called it a "game changer," and US Steel promised to "grow bigger and stronger." (More mergers and acquisitions stories.)