An investigation team under a White House directive from United States President Donald Trump has given the green light to Nippon Steel’s US$14.9 billion acquisition of U.S. Steel.
The takeover was blocked in January by the Biden administration on grounds of national security, to which Nippon Steel subsequently filed multiple lawsuits against the U.S. government objecting to the decision.
Once in office, Trump decided to put the deal back on the table with a directive to investigate the strength of the merger terms.
Taking to his social media platform Truth Social, Trump said the deal “…will be a planned partnership between United States Steel and Nippon Steel, which will create at least 70,000 jobs, and add $14 billion to the U.S. economy."
The headquarters will remain in Pittsburgh as part of the deal.
“U.S. Steel will remain American, and we will grow bigger and stronger through a partnership with Nippon Steel that brings massive investment, new technologies and thousands of jobs over the next four years,” the company said in a statement.
“U.S. Steel greatly appreciates President Trump's leadership and personal attention to the futures of thousands of steelworkers and our iconic company.”
The steelmaker has operations in both the U.S. and Europe.
