Overview

• President Trump said the partnership will be controlled by the United States, overturning President Biden’s 2023 veto on national security grounds.
• Nippon Steel plans to inject $14 billion into US Steel operations, including up to $4 billion for a new steel mill.
• The agreement is projected to create at least 70,000 American jobs and add $14 billion to the US economy within 14 months.
• US Steel shares surged about 21% after Trump’s announcement but remained below Nippon Steel’s $55 per share offer agreed in December 2023.
• United Steelworkers union leaders have expressed skepticism, warning that foreign involvement could weaken domestic capacity and jeopardize union jobs.