The president said he will hold a “big rally” at American Steel in Pittsburgh next week.
WASHINGTON – President Donald Trump announced on May 23 that he approved a “planned partnership” between US steel and Japanese steel in Japan, and that the company is expected to stay in Pittsburgh and create at least 70,000 jobs.
“For many years, the name “American steel” has been synonymous with greatness. And now, it’s again. This will be a planned partnership between US steel and Japanese steel.
Trump said the majority of the investment “will happen in the next 14 months.”
“This is the biggest investment in the history of the Commonwealth of Pennsylvania. My customs policy ensures that steel will be made in America again. From Pennsylvania to Arkansas, from Minnesota to Indiana, American-made maids are back,” Trump said.
The president also announced that the “Big Rury” would be held at the US Steel facility in Pittsburgh on May 30th.
A few months later, US steel shareholders approved the purchase bid.
However, President Joe Biden opposed the deal, citing national security concerns.
“U.S. Steel has been an iconic American company for over a century and should remain completely America,” Biden told union workers in a speech at United Steelworkers headquarters in Pittsburgh on April 17, 2024.
He described steelworks as an essential strategic sector for the US security and resilient supply chain.
During the 2024 presidential election, Trump opposed Nippon Steel’s proposed acquisition of US steel, sharing the same concerns with Biden.
Trump later changed his stance on the deal. On April 7, he ordered a new review of the proposed acquisition agreement.
The memorandum of understanding has assessed the potential national security risks of the transaction and directed the committee to provide recommendations to the President within 45 days.
Trump had previously stated his opposition to foreign ownership of US steelmakers, but he has expressed his openness to Japan’s investment in the business.
“Investment is mutually beneficial,” Isba said at a joint press conference at the White House.
“Japanese technology is provided and better quality products are manufactured in the US.”
Following the announcement, the US Steel Corporation also issued a statement.
“U.S. steel remains America and we will increase even more through our partnership with Nippon Steel, which will bring large investments, new technologies and thousands of jobs over the next four years.”
“US Steel is very grateful for President Trump’s leadership and the future of thousands of steel workers and our iconic company.”
Andrew Moran and Chase Smith contributed to this report.
