Trump Announces on Social Media
"At Least 70,000 Jobs to Be Created... Largest Investment in History"
Former Biden Administration Blocked Deal Over National Security Concerns
Trump Administration Orders Review After Taking Office
On May 23 (local time), U.S. President Donald Trump approved Nippon Steel's acquisition of the American steel company US Steel, which had previously been blocked by the former Joe Biden administration due to national security concerns.
On this day, President Trump posted on the social media platform Truth Social, stating, "After much consideration and negotiation, US Steel will remain in the United States and will keep its headquarters in the great city of Pittsburgh."
He added, "This will be a planned partnership between US Steel and Nippon Steel, which will create at least 70,000 jobs and add $14 billion to the U.S. economy. This is the largest investment in the history of Pennsylvania."
He also stated, "My tariff policy will ensure that steel is once again, and forever, made in America," and announced plans to hold a large-scale rally at US Steel in Pittsburgh on the 30th.
However, President Trump did not specify what the 'planned partnership' between US Steel and Nippon Steel would entail. Considering President Trump’s announcement on this day, it appears likely that he has found some form of solution to the previously controversial acquisition issue through Nippon Steel’s expanded investment in US Steel. Previously, President Trump had stated that while Nippon Steel could not hold a majority stake in US Steel, it would be acceptable for the company to acquire a minority stake through investment.
Kyodo News reported on this day, citing White House officials, that President Trump had approved Nippon Steel’s plan to acquire US Steel.
Until now, Nippon Steel had sought to acquire US Steel, and an agreement had been reached between the companies. However, the former Joe Biden administration did not allow the deal, arguing that the transfer of an American steel company to foreign ownership could pose a risk to national security.
Since President Trump’s election, Japan has sought to persuade the U.S. by proposing large-scale investments in order to obtain approval for the US Steel acquisition. In April, President Trump ordered a review of the Biden administration’s decision to block the deal.
According to local U.S. media, Nippon Steel plans to invest a total of $14 billion (approximately 19 trillion won) in US Steel to obtain approval from the Trump administration. This amount is five times the investment previously pledged.
The Committee on Foreign Investment in the United States (CFIUS), which reviews foreign acquisitions of American companies and recommends approval or rejection to the president, submitted a report to President Trump on May 21 reviewing the national security implications of Nippon Steel’s acquisition of US Steel.
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