Trump's Rally Fuels Hopes for U.S. Steel-Nippon Steel Partnership

Former President Donald Trump will spearhead a rally in Pittsburgh, Pennsylvania, highlighting the proposed $14.9 billion union between Nippon Steel and U.S. Steel. The rally is intended to revive confidence in the deal, which has encountered resistance from political figures and undergone several national security evaluations.

Trump's appearance follows his announcement on Truth Social, where he expressed support for the partnership as an 'investment with partial ownership,' aiming to resolve doubts surrounding the merger. The endorsement is crucial, as the final decision by next Thursday may determine the fate of the deal.

Challenges have beset the transaction from the outset. Both the Biden and Trump administrations have previously insisted on retaining American ownership of U.S. Steel. With the renewed national security review and Trump's backing, stakeholders remain hopeful for approval, projecting job creation and economic growth in the U.S. steel industry.

(With inputs from agencies.)