President Donald Trump publicly endorsed Nippon Steel's long-standing effort to acquire U.S. Steel, announcing on social media that the partnership is expected to create at least 70,000 jobs and add $14 billion to the U.S. economy. This endorsement marks a significant shift in the deal's prospects, which had previously been blocked by the White House.
Nippon Steel had initially offered $55 per share, totaling $14.9 billion including assumed debt, for U.S. Steel in December 2023. To secure Washington's support, Nippon Steel reportedly pledged to construct a brand-new mill and double its spending plan in the U.S.
This development resolves a major uncertainty surrounding U.S. Steel's future and reshapes the competitive dynamics within the domestic steel industry. The President's approval, citing economic and job creation benefits, paves the way for the acquisition to proceed.
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