Trump Announces “Partnership” Between U.S. Steel and Nippon, Sparking Confusion

President Donald Trump has announced a “partnership” between U.S. Steel and Japan’s Nippon Steel Corp., sending shares of U.S. Steel surging as much as 26%, though the details of the deal remain unclear, Bloomberg News’ Joe Deaux and Akayla Gardner reported.

Statements from U.S. Steel, Nippon, and Pennsylvania Governor Josh Shapiro praised the announcement but lacked details. I Photo: United States Steel

While Trump did not explicitly endorse Nippon Steel’s proposed $14.1 billion takeover, his comments were widely interpreted as a green light.

“US Steel will REMAIN in America, and keep its Headquarters in the Great City of Pittsburgh,” Trump wrote on Truth Social. He claimed the deal would generate 70,000 new jobs and add $14 billion to the U.S. economy.

Statements from U.S. Steel, Nippon, and Pennsylvania Governor Josh Shapiro praised the announcement but lacked details. The United Steelworkers union (USW), which had opposed the deal, remained skeptical.

“We cannot speculate about the impact of today’s announcement without more information,” said USW President David McCall.

The union has long criticized Nippon for violating U.S. trade laws and warned that foreign ownership could erode domestic steelmaking capacity and union jobs. About 85,000 people are currently employed in the U.S. steel industry, according to the Bureau of Labor Statistics.