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Trump touts 'blockbuster agreement' between US Steel, Nippon: 'Stays an American company'
XU. S. Steel(X) Fox Business· Fox Business·2025-05-30 23:15

Core Viewpoint - The partnership between Nippon Steel and U.S. Steel is positioned as a significant development for the American steel industry, allowing for investment without full ownership, while ensuring U.S. Steel remains an American company [1][3][8]. Group 1: Deal Overview - Nippon Steel initially proposed acquiring U.S. Steel for 14.9billionin2023,butthedealfacedpoliticaloppositionandwasblockedbyformerPresidentJoeBidenonnationalsecuritygrounds[2].−TheTrumpadministrationhassincereviewedthedeal,withTrumpexpressingsupportforapartnershipthatallowsNipponSteeltoinvestinU.S.Steelwithouttakingfullcontrol[3][5].−U.S.Steelisexpectedtoretainitsname,headquartersinPittsburgh,andleadershipteam,whileNipponSteelplanstoinvestbillionsinupgradingU.S.Steelfacilities[8][13].Group2:EconomicImpact−Trumpannouncedplanstodoubletariffsonforeignsteelto5014.9 billion in 2023, but the deal faced political opposition and was blocked by former President Joe Biden on national security grounds [2]. - The Trump administration has since reviewed the deal, with Trump expressing support for a partnership that allows Nippon Steel to invest in U.S. Steel without taking full control [3][5]. - U.S. Steel is expected to retain its name, headquarters in Pittsburgh, and leadership team, while Nippon Steel plans to invest billions in upgrading U.S. Steel facilities [8][13]. Group 2: Economic Impact - Trump announced plans to double tariffs on foreign steel to 50%, which he claims will benefit U.S. steelworkers, including a proposed 5,000 bonus for each worker [5][11]. - The investment from Nippon Steel is seen as crucial for U.S. Steel's competitiveness, with a previous pledge of $3 billion for facility upgrades [13]. Group 3: Industry Sentiment - Trump emphasized the importance of maintaining U.S. Steel's legacy and its role in the American economy, stating that the best steel will continue to be produced in America [11]. - The rally highlighted a positive sentiment among steelworkers, with Trump assuring them of job security and financial benefits from the deal [5][14].