Trump hails US Steel-Nippon deal, says steelmaker will be ‘controlled by the USA’ — but offers few details
President Donald Trump made a significant announcement during a rally at the Irvin Works plant in Allegheny County, revealing a groundbreaking agreement between U.S. Steel and Japanese company Nippon Steel. This deal, according to Trump, would keep U.S. Steel in Pittsburgh and bring about substantial investments in steel production facilities across several states.
Nippon Steel has committed to investing a total of $14 billion in U.S. Steel, with a significant portion earmarked for increasing steel production in Pittsburgh’s Mon Valley area. Additionally, funds will be allocated to modernize steel mills, expand ore mines, and establish new facilities in Indiana, Minnesota, Alabama, and Arkansas.
During the event, Trump also announced his intention to double the existing 25% tariff on steel imports to 50%. He emphasized that the headquarters of U.S. Steel would remain in Pittsburgh, creating more job opportunities for Americans. Trump even pledged a $5,000 bonus for every U.S. steelworker, assuring that there would be no layoffs or outsourcing.
Under the terms of the agreement, U.S. Steel is obligated to maintain all current operating blast furnaces at full capacity for a minimum of 10 years. Trump confidently stated that the company would remain under U.S. control, ensuring its long-term presence and growth in the country.
In a surprising turn of events, Trump acknowledged his initial opposition to the sale, revealing that he had rejected multiple offers from Nippon Steel before recognizing their genuine interest in investing in America.
This agreement comes after a tumultuous period where the Biden administration blocked the sale of U.S. Steel to Nippon Steel due to national security concerns. However, Trump’s persistence and negotiation skills have led to this new deal, which promises significant economic growth and job creation.
Peter Navarro, Trump’s trade adviser, clarified that U.S. Steel would retain ownership of the company, with Nippon Steel having some involvement but no control. The details of the agreement are expected to unfold gradually, with U.S. Steel expressing confidence in the partnership with Nippon Steel to drive growth and innovation in the coming years.
Overall, this deal marks a turning point in the steel industry, showcasing the importance of strategic partnerships and investments in bolstering American manufacturing and ensuring a strong economic future for the nation.
