Trump Backs Nippon Steel's $14.9 Billion Bid, Praises Job Creation Impact

In a significant move, former U.S. President Donald Trump has thrown his weight behind Nippon Steel's $14.9 billion bid for U.S. Steel, citing potential job creation and economic gains for the nation. Trump's support was unveiled on Friday, marking a pivotal moment for the steel industry.

The announcement on Truth Social ignited a strong rally for U.S. Steel's shares, boosting investor confidence in the long-anticipated deal. Trump's endorsement suggests that the final barrier to the acquisition may have been cleared, with Nippon Steel poised to invest billions into its new venture.

The strategic partnership is expected to preserve and create thousands of jobs, primarily in Pennsylvania, where U.S. Steel is headquartered. Despite initial opposition from various fronts, including former President Joe Biden, the deal is poised to transform the American steel industry, securing its future for generations.

(With inputs from agencies.)