US President Donald Trump has cleared the merger of US Steel and Nippon Steel, announcing it will form a “partnership” between the two companies. The partnership is expected to create at least 70,000 jobs and add $14 billion to the US economy.
Trump confirmed U.S. Steel’s headquarters will remain in Pittsburgh, while most investment will occur over the next 14 months. US Steel shares surged by more than 20% after the announcement.
The merger was initially blocked by President Joe Biden in January due to national security concerns, which could disrupt supply chains critical for the US. Trump had ordered a new review and directed the Committee on Foreign Investment in the US to assess the proposal further.
Trump plans to hold a rally at U.S. Steel’s headquarters in Pittsburgh on May 30.
Source: https://www.cnbc.com/2025/05/23/trump-greenlights-nippon-merger-with-us-steel.html