United States Steel (US Steel) has announced that US president Donald Trump has approved the partnership of US Steel and Japanese steelmaker Nippon Steel by executive order. This historic partnership will allow unprecedented investments in steelmaking in the US, protecting and creating over 100,000 jobs.
The two companies stated, “We thank President Trump and his Administration for their bold leadership and strong support for our historic partnership. This partnership will bring a massive investment that will support our communities and families for generations to come. We look forward to putting our commitments into action to make American steelmaking and manufacturing great again.” The deal between the companies will ensure that US Steel’s headquarters remain in Pittsburgh, will create at least 70,000 jobs and will inject $14 billion into the US economy, as SteelOrbis previously reported.
In addition, the companies has entered into a National Security Agreement (NSA) with the US government. The NSA includes $11 billion in new investments by 2028, commitments related to governance (including a Golden Share), domestic production, and trade matters.
The companies said they have completed the US Department of Justice's review process and "all necessary regulatory approvals for the partnership have now been received, and the partnership is expected to be finalized promptly”.