"I am proud to announce that, after much consideration and negotiation, U.S. Steel will REMAIN in America, and keep its Headquarters in the Great City of Pittsburgh," Trump wrote on Truth Social. Nippon Steel, the world’s fourth-largest steelmaker, announced in December 2023 that it would purchase U.S. Steel for $14.9 billion in an all-cash agreement. A few months later, U.S. Steel shareholders approved the takeover bid.
However, President Joe Biden opposed the deal, citing national security concerns.
"U.S. Steel has been an iconic American company for more than a century, and it should remain totally American," Biden told union workers during a speech at the United Steelworkers headquarters in Pittsburgh on April 17, 2024.
Ironic, Joe and Trump agreeing. Except Trump made something positive happen.
In February, standing alongside Japanese Prime Minister Shigeru Ishiba, Trump said Nippon Steel would "invest heavily in U.S. Steel, as opposed to [owning] it," and welcomed the proposed capital infusion. "Investment is mutually beneficial," Ishiba said during the joint press conference at the White House.
"Japanese technology will be provided, and better quality products will be manufactured in the United States."