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‘This will be a strategic alliance between United States Steel and Nippon Steel that is expected to generate at least 70,000 jobs and invest $14 billion into the American economy,’ he wrote on his Truth Social platform.
According to Trump, US Steel will stay in Pittsburgh, and most of the investment will occur within the next 14 months.
In January, former US President Joe Biden prevented Nippon Steel's acquisition of US Steel for $14.9 billion, citing national security concerns and stating it would pose a risk to the vital supply chain of the states.
In April, Trump instructed the Committee on Foreign Investment in the United States (CFIUS) to review the transaction to 'assess if additional actions in this matter might be warranted.'
The current president announced he will host a rally at US Steel in Pittsburgh on May 30.
Nippon Steel stock rose by 2.3 percent during trading on Monday. US Steel stock surged 21.2 percent in trading on Friday following Trump’s remarks and gained additional 3.2 percent in after-hours trading.
source: cnbc.com
According to Trump, US Steel will stay in Pittsburgh, and most of the investment will occur within the next 14 months.
In January, former US President Joe Biden prevented Nippon Steel's acquisition of US Steel for $14.9 billion, citing national security concerns and stating it would pose a risk to the vital supply chain of the states.
In April, Trump instructed the Committee on Foreign Investment in the United States (CFIUS) to review the transaction to 'assess if additional actions in this matter might be warranted.'
The current president announced he will host a rally at US Steel in Pittsburgh on May 30.
Nippon Steel stock rose by 2.3 percent during trading on Monday. US Steel stock surged 21.2 percent in trading on Friday following Trump’s remarks and gained additional 3.2 percent in after-hours trading.
source: cnbc.com
