Trump says US steel in Pittsburgh will keep the headquarters in a sign that Nippon has approved in Japan | News, sports, jobs

File – The United States steel logo is shown outside the headquarters in the city center of Pittsburgh on April 26, 2010. (AP Photo/Gene J. Puskar, file)

By Marc Levy and Paul Wiseman Associated Press

Washington (AP) President Donald Trump said on Friday that Us Steel said his headquarters in Pittsburgh as part of what he referred to as “planned partnership”, he seemed to signal that he would approve an offer from Nippon Steel in Japan in order to make a large investment in the iconic American Steelmaker if he does not buy it from the outlight.

Nevertheless, Trump's statement vaguely made it approved whether he approved Nippon Steel's offer after he had repeatedly sworn to block the deal to prevent US steel from being foreign.

Trump recently suggested that Nippon Steel be investing in US steel, and a union officer proposed on Friday that the federal government would play a role in the future administration of the company. But the investors seemed to use Trump's statement as a sign that he approved a kind of merger, increased the shares of US Steel significantly and published the companies approved statements.

Nippon Steel said that the partnership was a “game changer – for US steel and all stakeholders, including the American steel industry and the wider American production base”. Us Steel said that it will be “American and we will be greater and stronger through a partnership with Nippon Steel, which will bring massive investments, new technologies and thousands of jobs over the next four years.”

Nippon Steel's offer for the purchase of US dollars for the purchase of US steel was blocked by former President Joe Biden at the office.

In his explanation on Friday, Trump said: “After long considerations and negotiations, US steel stays in America and retains his headquarters in the big city of Pittsburgh.”

What Trump described as a “planned partnership” will add 14 billion US dollars to the US economy, although it was not clear how the conditions of the deal would control in the USA or who would control US steel as part of the agreement. No company explained on Friday how the partnership would be structured.

The Japanese main tariff negotiator Ryosei Akazawa informed the reporters on Friday that he was watching the development closely. He said

Josh Spoores, the head of Steel America's analysis for Commodity Researcher Cru, who is based in Pennsylvania, said that “this” partnership “from what he sees is a green light for the acquisition.

The stocks of US Steel rose by 21% in the news and continued to rise in the Aftermarket trade.

Us Steel board and shareholders approved Nippon Steel's offer last year. It was rejected by the United Steelworkers Union. The union did not have an immediate comment on Friday.

A union officer who opposed the leadership of the United Steelworkers to support Nippon Steel's offer on Friday that the Federal Government could take on an important role in the deal.

“It is like the end of the business,” said Jason Zugai, Vice President of United Steel Workers Union Local in the Irvin -Finishing facility by US Steel near Pittsburgh.

Zugai said he was “relieved, happy and grateful”.

He hadn't seen anything on paper, but he said his understanding was that Nippon “made the whole profit” and the federal government would have a “golden chair” that enables him to make all plans for idle or to close steel plants to Veto.

Holding us Steel's headquarters has always been part of Nippon Steel's offer to buy it. In order to sweeten the deal, Nippon Steel had offered an obligation of 2.7 billion US dollars to improve the two blast furnaces from US Steel and promised not to import steel plates that would compete with the facilities.

Nippon Steel had also undertaken not to carry out any layoffs or plant closures during the term of the existing work agreement and to protect the best interests of US steel in trade affairs.

David Burritt, CEO of Us Steel, warned last September that Blocking Nippon Steel would mean that US steel would “invest largely away in the investments in his two blast furnaces” – one outside of Pittsburgh and one in Gary, Indiana – and “Seriously” on the remaining main sources in Pittsburgh.

In December, Trump said that he was “completely against the once large and powerful US steel, which was bought by a foreign company”.

Then Trump proposed in February that Nippon Steel would not buy us steel, as was planned, but that he would invest in US steel instead.

Last month, Trump ordered a new national security check of Nippon Steel's proposed offer.

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Levy reported from Harrisburg, Pennsylvania. Follow Marc Levy on X: