Trump Green Lights Nippon Fusion with us steel

President Donald Trump said that on Friday US steel And Nippon Steel will be a “partnership” after the offer of the Japanese steel manufacturer to acquire his US rival was blocked for national security reasons.

“This will be a planned partnership between the United States Steel and Nippon Steel, which will create at least 70,000 jobs and will add 14 billion US dollars to the US economy,” said Trump in a post in his social media platform Truth Social.

Us Steel's headquarters will remain in Pittsburgh and the majority of the investment will take place in the next 14 months, said the President. According to Trump's announcement, the US Steel shares rose by more than 20% and closed at $ 52.01 per share.

President Joe Biden blocked Nippon Steel in January to buy US steel for $ 14.9 billion, citing national security concerns. Biden said at the time that the acquisition would create a risk of delivery of chains that are of crucial importance for the United States

However, Trump ordered a new review of the proposed acquisition in April, whereby the committee for foreign investments in the United States was determined “whether further measures can be appropriate in this matter”.

Trump said he would hold a rally in US steel in Pittsburgh on May 30th.