President Donald Trump has approved the acquisition of United States Steel Corporation by Japan-based Nippon Steel Corp., marking what he described as the “largest investment in the history of the Commonwealth of Pennsylvania.”
The deal, described as a "strategic partnership," will see U.S. Steel retain its American identity and Pittsburgh headquarters "will create at least 70,000 jobs, and add $14 Billion Dollars to the U.S. Economy. The bulk of that Investment will occur in the next 14 months," according to Mr. Trump.
The President announced the decision on social media, declaring, “US Steel will REMAIN in America… This will be a planned partnership between United States Steel and Nippon Steel… AMERICAN MADE is BACK.” He also confirmed plans to visit the U.S. Steel facility in Pittsburgh for a rally on May 30.
U.S. Steel echoed the President’s remarks in a corporate statement: “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 credited Trump’s leadership with securing a transformative agreement for the future of American steelmaking.
Nippon Steel praised the approval as a “bold decision” and a “remarkable turning point to the U.S. steel industry as well as the entire American manufacturing business.”
While characterized as a "partnership," the transaction is an acquisition of the iconic Pittsburgh steelmaker by Nippon, confirmed a White House official to Japan's Kyodo News.
“Turning [U.S. Steel] into our wholly owned subsidiary is the starting point of negotiations,” said Nippon Steel President and COO Tadashi Imai during the company’s earnings briefing May 9. “We are discussing various proposals.”
Nor is the $14.9 billion purchase price the “largest investment in the history of the Commonwealth of Pennsylvania.”
Adjusted for inflation, U.S. Steel’s 1982 acquisition of Marathon Oil for $5.9 billion is equivalent to approximately $19.23 billion in 2025 dollars, while Chevron’s $13.2 billion acquisition of Pittsburgh's Gulf Oil in 1984 is equivalent to approximately $39.96 billion in 2025 dollars
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