Trump-Backed US Steel Deal with Nippon Finalized, Sparks Job Boom
The agreement, backed by President Donald Trump, is being called a turning point for the American steel industry and is expected to create over 100,000 jobs across the country.
As part of the agreement, US Steel will retain its name and continue to operate from its headquarters in Pittsburgh.
All steel products will continue to be "mined, melted, and made" in the United States, both companies confirmed, BBC said.
The announcement also outlines over $11 billion in planned investments by 2028, with a new steel plant expected to be built sometime after that year.
"This is a momentous day for our country, our communities, and the American steel industry," said US Steel CEO Dave Burritt. "Thanks to President Trump's bold leadership, American workers secured the best possible deal." US Steel Sale Finalized After Trump Reverses Biden-Era Block
The deal faced earlier pushback from President Joe Biden in 2023, who cited national security concerns.
But President Trump ordered a fresh review and ultimately cleared the sale last week after securing commitments from Nippon to invest heavily in US Steel's American facilities rather than taking full ownership.
To address security concerns, a special National Security Agreement was created. It requires that US Steel remains a US-incorporated company, led by a US citizen CEO, with a majority-US board.
According to CBS News , Nippon will also issue a "golden share" to the US government, giving the president authority over key decisions like shutting down factories or moving jobs overseas.
Nippon Steel's Vice Chairman Takashi Mori will take on the role of chairman of US Steel's board, but the rest of the company's leadership team will stay American.
The company has bases in several countries but is now taking a much larger role in US operations.
Despite the promising outlook, not everyone is fully supportive. The United Steelworkers union pushed back against the companies, accusing them of "downplaying concerns" and promising to keep a close eye on Nippon's future actions.
"We will continue watching, holding Nippon to its commitments," said USW president David McCall.
Originally published on vcpost.com
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