On May 26, 2025, President Donald Trump announced that the United States will maintain control over U.S. Steel as part of a “partnership” with Japan’s Nippon Steel, following a $14.9 billion deal initially proposed in December 2023. Speaking to reporters, Trump described the arrangement as involving “investment and partial ownership” but emphasized that the U.S. would retain control, though specific details on the ownership structure remain unclear. The deal, which faced opposition from the United Steelworkers union and was blocked by President Joe Biden in January 2025 on national security grounds, was revisited after Trump ordered a new review by the Committee on Foreign Investment in the United States (CFIUS).
Nippon Steel has pledged up to $14 billion in investments, including $4 billion for a new steel mill, with Trump claiming the partnership will create at least 70,000 jobs and add $14 billion to the U.S. economy. U.S. Steel’s headquarters will stay in Pittsburgh, and the company’s shares surged 21% following the announcement. The deal positions the merged entity as the world’s third-largest steel producer by volume, behind China’s Baowu Steel Group and Luxembourg-based ArcelorMittal. However, the United Steelworkers union remains skeptical, citing concerns about Nippon’s history of trade violations and potential risks to domestic steelmaking capacity.
