Trump clears Nippon merger with US Steel [View all]
Last edited Fri May 23, 2025, 05:46 PM - Edit history (1)
Source: CNBC
Published Fri, May 23 2025 3:40 PM EDT | Updated 22 Min Ago
President Donald Trump on Friday cleared the merger of U.S. Steel and Nippon Steel, after the Japanese steelmaker’s previous bid to acquire its U.S. rival had been blocked on national security grounds.
“This will be a planned partnership between United States Steel and Nippon Steel, which will create at least 70,000 jobs, and add $14 Billion Dollars to the U.S. Economy,” Trump said in a post on his social media platform Truth Social.
U.S. Steel’s headquarters will remain in Pittsburgh and the bulk of the investment will take place over the next 14 months, the president said. U.S. Steel shares surged more than 20% to close at $52.01 per share after Trump’s announcement.
President Joe Biden blocked Nippon Steel from purchasing U.S. Steel for $14.9 billion in January, citing national security concerns. Biden said at the time that the acquisition would create a risk to supply chains that are critical for the U.S.
Read more: https://www.cnbc.com/2025/05/23/trump-greenlights-nippon-merger-with-us-steel.html
Japan must have hauled out a pile of crypto.
Article updated.
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Published Fri, May 23 2025 3:40 PM EDT | Updated 5 Min Ago
President Donald Trump said Friday that U.S. Steel and Nippon Steel will form a "partnership," after the Japanese steelmaker's bid to acquire its U.S. rival had been blocked on national security grounds.
"This will be a planned partnership between United States Steel and Nippon Steel, which will create at least 70,000 jobs, and add $14 Billion Dollars to the U.S. Economy," Trump said in a post on his social media platform Truth Social.
U.S. Steel's headquarters will remain in Pittsburgh and the bulk of the investment will take place over the next 14 months, the president said. U.S. Steel shares surged more than 20% to close at $52.01 per share after Trump's announcement.
President Joe Biden blocked Nippon Steel from purchasing U.S. Steel for $14.9 billion in January, citing national security concerns. Biden said at the time that the acquisition would create a risk to supply chains that are critical for the U.S. Trump, however, ordered a new review of the proposed acquisition in April, directing the Committee on Foreign Investment in the United States to determine "whether further action in this matter may be appropriate."
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President Donald Trump said Friday that U.S. Steel and Nippon Steel will form a "partnership," after the Japanese steelmaker's bid to acquire its U.S. rival had been blocked on national security grounds.
"This will be a planned partnership between United States Steel and Nippon Steel, which will create at least 70,000 jobs, and add $14 Billion Dollars to the U.S. Economy," Trump said in a post on his social media platform Truth Social.
U.S. Steel's headquarters will remain in Pittsburgh and the bulk of the investment will take place over the next 14 months, the president said. U.S. Steel shares jumped more than 24%.
This is breaking news. Please refresh for updates.
President Donald Trump said on Friday that U.S. Steel and Nippon Steel will form a partnership that will bring $14 billion to the U.S. economy.
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