Donald Trump declared that US Steel, a steel company based in Pittsburgh, will remain in the US and this caused its stock to jump by almost 24 percent this week.
According to Trump, US Steel's alliance with Nippon Steel is a historic investment for Pennsylvania, with the potential to create 70,000 jobs and contribute $14 billion to the US economy.
Trump boasted about his tariff plans, saying they will support American manufacturing.
Taking to his TruthSocial account, Trump wrote, "I am proud to announce that, after much consideration and negotiation, US Steel will REMAIN in America, and keep its Headquarters in the Great City of Pittsburgh. For many years, the name, "United States Steel" was synonymous with Greatness, and now, it will be again."
His post further read, “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 Dollars to the US Economy. The bulk of that Investment will occur in the next 14 months. This is the largest Investment in the History of the Commonwealth of Pennsylvania.”
Steel will once more be permanently MADE IN AMERICA thanks to my tariff policies. American-made products have returned from Minnesota to Indiana and from Pennsylvania to Arkansas. On Friday, May 30, I'll see you all at US Steel in Pittsburgh for a HUGE Rally.
The intended alliance began in December 2023 when US Steel and Nippon Steel announced a $14.9 billion merger; Trump's announcement is the most recent step in that partnership.
On the basis of national security, former President Joe Biden stopped the contract, which was supposed to be finalized by the third quarter of 2024. The Biden administration was sued by both companies for "illegal interference" in the transaction.
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In a reevaluation of the relationship in May 2025, the Trump administration asked the Committee on Foreign Investment in the United States (CFIUS), which is in charge of assessing the national security risks associated with foreign acquisitions of US enterprises, to submit its recommendations to Trump within 45 days.