President Donald Trump announced on Friday that Japan’s Nippon Steel has dropped its bid to acquire US Steel, instead agreeing to invest heavily in the company. The deal, which had faced bipartisan opposition and was blocked by former President Joe Biden in January, would have seen Nippon take control of US Steel for nearly $15 billion.
Trump stated at a press conference with Japanese Prime Minister Shigeru Ishiba that Nippon will “invest heavily” in US Steel as opposed to owning it. The details of the investment are not yet clear, but Trump said he would meet with Nippon executives next week to mediate and arbitrate.
At least one Pennsylvania official expressed support for the deal, with State Senate President Pro Tempore Kim Ward calling it a “positive development” for steelworkers in southwestern Pennsylvania.
Source: https://www.forbes.com/sites/tylerroush/2025/02/07/trump-says-nippon-will-drop-15-billion-bid-for-us-steel—but-heavily-invest-in-it