Trump Backs Nippon Steel-U.S. Steel "Partnership"
Washington, May 23 (Jiji Press)--U.S. President Donald Trump said Friday that he backs a "planned partnership" between Nippon Steel Corp. and United States Steel Corp., giving new life to the Japanese steelmaker's stalled efforts to acquire the U.S. peer.
"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 social media post.
Trump has not explicitly said he will approve Nippon Steel's buyout bid, which has been halted for a year and a half due to opposition from Washington and the United Steelworkers union. But U.S. television broadcaster CNBC has reported that Trump cleared Nippon Steel's bid.
"US Steel will REMAIN in America, and keep its Headquarters in the Great City of Pittsburgh," Trump posted. "For many years, the name, 'United States Steel' was synonymous with Greatness, and now, it will be again."
He added that the bulk of Nippon Steel's investments will be made in the next 14 months.
(2025/05/24-13:28)
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