Trump to visit U.S. Steel mill in Pennsylvania as Nippon deal finalized
President Trump will visit a U.S. Steel mill in the Pittsburgh suburbs Friday, a week after he announced a "planned partnership" between the company and its Japanese competitor Nippon Steel.
The deal will allow U.S. Steel's headquarters to remain in Pennsylvania, according to Mr. Trump, who characterized the agreement last Sunday as "an investment" and "partial ownership" that will be "controlled" by the United States. The administration has released few details about the deal, however.
Mr. Trump's announcement last week was the latest twist in Nippon's yearslong effort to acquire U.S. Steel. Its nearly $15 billion bid to buy U.S. Steel was blocked by former President Joe Biden in January on national security grounds.
Mr. Trump, who opposed the acquisition during the 2024 campaign, has since warmed to a deal between the steel producers, touting a $14 billion investment that the president said would create at least 70,000 jobs.
Sen. David McCormick, a Pennsylvania Republican, provided more details on the agreement in an interview with CNBC on Tuesday, saying that U.S. Steel would have an American CEO and a majority of its board members will be from the U.S., an arrangement that was also part of the deal rejected by Biden.
McCormick did raise one potential difference in the latest iteration, stating that the U.S. would have a golden share.
"It's a national security agreement that will be signed with the U.S. government," McCormick said. "There'll be a golden share, which will essentially require U.S. government approval of a number of the board members and that will allow the United States to ensure production levels aren't cut."
McCormick said Nippon will have "certainly members of the board, and this will be part of their overall corporate structure."
"They wanted an opportunity to get access to the U.S. market — this allowed them to do so and get the economic benefit of that," McCormick said of Nippon. "They've negotiated it, it was their proposal."
It is not yet clear whether the golden share provision involves any U.S. ownership of the merged companies.
The United Steelworkers union has opposed a sale, arguing that the Japanese company is making "flashy promises" that put American jobs at risk.
But without an acquisition, U.S. Steel had warned last year that the company would "largely pivot away" from its blast furnace facilities, which would put thousands of jobs in jeopardy. The company said the future of its headquarters in Pittsburgh was also uncertain without an agreement.
U.S. Steel employs about 22,000 people, with more than 14,000 employees in North America and the rest in Slovakia.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
10 minutes ago
- Bloomberg
Prosus Chief Investment Officer Ervin Tu to Step Down
Prosus NV Group President and Chief Investment Officer Ervin Tu will step down from his current role, according to a statement on the company's website. Tu, who joined in August 2021, will maintain a relationship with the group as an adviser. He served as acting chief executive officer before the appointment of Fabricio Bloisi in the role last year.
CBS News
12 minutes ago
- CBS News
How Sacramento's American River Parkway could be impacted by budget cuts
SACRAMENTO — There are concerns about trash troubles growing in Sacramento County parks. This week, the board of supervisors is trying to balance its $8.9 billion budget, and more than a million dollars could be cut from regional park funding. Sacramento County is facing an $18 million general fund deficit, and the parks department is bracing for more than a million and a half dollars in cuts. Many are concerned that these potential cuts could put the American River Parkway in peril. "We're going to see an increase in pollution in the parkway. We're going to see an increase in transient-type behavior, illegal activity," said David Ingram, co-founder of the River City Waterway Alliance. The proposed reductions include eliminating one park maintenance worker, 14 staff who help with park operations and $500,000 for waterway cleanup. "We're hoping with the staff that we have remaining, will be able to mitigate some of that so that our residents don't feel much of the impact of these potential reductions," said county spokesperson Ken Casparis. Ingram said the funding being cut pays for crews to clear debris from Steelhead Creek, which flows through Discovery Park. "Shopping carts and mattresses and tires, really horrible things that are clogging the channel," Ingram said. Much of that debris comes from homeless encampments. "We're definitely going to see an increase in encampments moving back into the parkway with less personnel," Ingram said. "We're making such great progress right now, to try and curb that and curtail that, we just don't think it's the right time," said Lisa Sanchez, co-founder of the River City Waterway Alliance. Sacramento County says there will be no cuts to park rangers and no planned park closures or reduced hours. But parkway supporters say full funding needs to continue to help protect and maintain the scenic stretch of nature. "The American River Parkway is the crown jewel of the Sacramento region," Ingram said. The board of supervisors will begin budget talks on Wednesday and must approve a recommended budget by June 30.
Yahoo
14 minutes ago
- Yahoo
Trump Says US Won't Agree to Any Uranium Enrichment by Iran
(Bloomberg) -- The US won't allow any uranium enrichment as part of a potential nuclear deal with Iran, President Donald Trump said. Where the Wild Children's Museums Are Billionaire Steve Cohen Wants NY to Expand Taxpayer-Backed Ferry The Economic Benefits of Paying Workers to Move Now With Colorful Blocks, Tirana's Pyramid Represents a Changing Albania At London's New Design Museum, Visitors Get Hands-On Access Trump made the comment in a social media post Monday evening, without elaborating. The US president has regularly signaled that he thinks a deal may be near, and that Iran could face military action if the talks collapse. His post came after an Axios report said US negotiators gave Iran a proposal that would allow limited, low-level enrichment. Iran hasn't commented on the report. Trump has long pledged that Iran won't be allowed a nuclear weapon. He also said last week he told Israeli Prime Minister Benjamin Netanyahu that a military strike on Iran — which could lead to the wider war in the Middle East and push up oil prices — would be 'inappropriate' right now because 'we're very close to a solution.' Netanyahu has said Iran — Israel's arch-enemy — shouldn't be allowed to enrich uranium at all, even to the low levels Tehran says its needs for nuclear power plants and other non-military uses. The Islamic Republic has consistently said it won't accept an agreement with the US that doesn't allow it to enrich uranium to a low level. At the moment, it's processing uranium to a much higher point, almost to the level required for atomic weapons. In addition to the issue of enrichment, Iran says it wants clear assurances of how sanctions would be eased as part of any deal with the US. Washington has not yet been willing to specify how sanctions would be lifted, Iran's Foreign Ministry Spokesman, Esmail Baghaei, said on Monday. --With assistance from Arsalan Shahla. (Adds Axios report in third paragraph.) YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To Will Small Business Owners Knock Down Trump's Mighty Tariffs? ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
