President Trump spent nearly an hour speaking at a U.S. Steel plant in Pennsylvania, claiming he saved the company’s jobs by negotiating a partnership between U.S. Steel and Japan’s Nippon Steel. However, this statement contradicts his earlier assertion that he had not seen or approved a final deal.
The acquisition of U.S. Steel by Nippon Steel for $14.9 billion was blocked by Trump in 2023 due to national security concerns. The company agreed to provide $14 billion in investment and commit to being led by U.S. citizens, leading CFIUS to reassess the deal. Trump received an assessment of the revised deal but has not made a final decision.
Critics question how Trump could claim approval without seeing the completed review from CFIUS. They also argue that if negotiations are still ongoing, the review must be incomplete, and U.S. Steel is legally obligated to disclose details to shareholders.
The situation may be mitigated by Trump’s recent decision to double steel tariffs to 50%. However, Nippon Steel is unlikely to make significant decisions based on a moving target. The prolonged saga includes lawsuits, union conflicts, and geopolitical tensions.
The outcome of this deal hangs in the balance as Trump’s administration navigates a complex web of negotiations and conflicting interests.
Source: https://www.axios.com/2025/06/02/trump-us-steel-nippon