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A tugboat pushes a barge near the U.S. Steel Corp. Clairton Coke Works facility in Clairton, Pennsylvania, on Sept. 9, 2024.
Justin Merriman | Bloomberg | Getty Images
President Donald Trump said Friday that U.S. Steel and Nippon Steel will form a "partnership," after the Japanese steelmaker's bid to acquire its U.S. rival had been blocked on national security grounds.
"This will be a planned partnership between United States Steel and Nippon Steel, which will create at least 70,000 jobs, and add $14 Billion Dollars to the U.S. Economy," Trump said in a post on his social media platform Truth Social.
U.S. Steel's headquarters will remain in Pittsburgh and the bulk of the investment will take place over the next 14 months, the president said. U.S. Steel shares jumped more than 24%.
President Joe Biden blocked Nippon Steel from purchasing U.S. Steel for $14.9 billion in January, citing national security concerns. Biden said at the time that the acquisition would create a risk to supply chains that are critical for the U.S.
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