Trump Backs Nippon Steel's Takeover of U.S. Steel, Promises Job Boom
President Trump has given his approval to Nippon Steel's $14.9 billion bid for U.S. Steel, sparking a surge in U.S. Steel shares. The partnership aims to create 70,000 jobs and boost the U.S. economy by $14 billion over the next 14 months, despite no immediate comments from involved parties.
In a notable statement on Friday, U.S. President Donald Trump expressed his support for Nippon Steel's ambitious $14.9 billion bid to acquire U.S. Steel. This development promises to significantly impact the American economy and labor market.
Following Trump's announcement, made through a post on Truth Social, shares of U.S. Steel skyrocketed by 21%. Investors are optimistic that this endorsement signifies an impending completion of the merger, marking a key milestone cleared with Trump's apparent blessing.
While instant rejoinder from the companies involved and the White House is pending, Reuters divulged that Nippon Steel intends to funnel $14 billion into U.S. Steel, including a $4 billion earmark for a new steel mill. The potential job creation and economic infusion are set to unfold over the next 14 months.
(With inputs from agencies.)
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