Trump Greenlights Nippon Steel's $14.9 Billion U.S. Steel Bid
President Donald Trump signaled approval of Nippon Steel's $14.9 billion bid for U.S. Steel, which is expected to create 70,000 jobs and boost the economy. The merger, nearing completion, awaits final approval. The deal is a major win for American industry and Pennsylvania jobs.
On Friday, U.S. President Donald Trump appeared to endorse Nippon Steel's $14.9 billion acquisition of U.S. Steel, suggesting the partnership would boost job creation and bolster the American economy.
Following Trump's statement on Truth Social, U.S. Steel shares surged by 21%, with investors optimistic about the merger's completion. Trump claimed the alliance would generate at least 70,000 jobs, contributing $14 billion to the U.S. economy over the next 14 months. He also announced plans to hold a rally at U.S. Steel in Pittsburgh next Friday.
The companies and the White House have not immediately commented on the announcement. Pennsylvania Senator Dave McCormick lauded the deal as a triumph for the U.S. Steel Corporation and a safeguard for over 11,000 state jobs. Though previously blocked by an earlier national security review, the merger now awaits final approval from Trump. Nippon Steel's President confirmed ongoing discussions with the U.S. government.
(With inputs from agencies.)
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- economy
- partnership
- job creation
- Pennsylvania
- CFIUS
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