US President Donald Trump has approved a deal for Nippon Steel to buy US Steel, reversing former President Joe Biden’s decision to block the transaction just weeks before leaving office in January. The move is expected to create at least 70,000 jobs and add $14 billion to the US economy.
Nippon Steel agreed to pour more investment into the United States as part of its offer, addressing concerns that had led both Biden and Trump to oppose the deal initially. US Steel praised the decision, stating it would remain American and grow bigger and stronger through a partnership with Nippon Steel.
The Committee on Foreign Investment in the United States will deliver its recommendations on the deal to Trump this week, but no further details have been made available. Union representatives expressed concerns that the foreign corporation may erode domestic steelmaking capacity and jeopardize jobs, while supporters of the deal hailed it as a “huge win” for workers.
The approval marks an end to a saga that began in December 2023 when US Steel announced its acceptance of Nippon’s $14.9 billion offer. Trump had previously vowed to block the deal if he were president, but changed his stance after ordering the inter-agency panel to review the transaction again.
Source: https://www.politico.com/news/2025/05/23/trump-approves-nippon-purchase-us-steel-00368171