President Donald Trump said Friday that U.S. Steel will keep its headquarters in Pittsburgh as part of what he called a “planned partnership” between the iconic American steelmaker and Japan-based Nippon Steel, which has sought to buy it.
Nippon Steel's nearly $15 billion bid to buy U.S. Steel was blocked by former President Joe Biden and, after Trump became president, subject to another national security review by the Committee on Foreign Investment in the United States.
Trump said in a statement that “after much consideration and negotiation, US Steel will REMAIN in America, and keep its Headquarters in the Great City of Pittsburgh.”
Trump also said that he would visit Pittsburgh "at US Steel" next Friday, May 30, though details about that visit were unclear Friday afternoon.
What Trump called a “planned partnership” will create at least 70,000 jobs and add $14 billion to the U.S. economy, he said, although it wasn't clear what the terms of the deal would be or who would own U.S. Steel under the arrangement.
In a late-day statement, US Steel said the company "will remain American, and we will grow bigger and stronger through a partnership with Nippon Steel that brings massive investment,new technologies and thousands of jobs." The company hailed Trump as "a bold leader and businessman who knows how to get the best deal for America, American workers and American manufacturing." Nippon similarly hailed Tump's "bold action to approve our partnership with U. S. Steel."
The United Steelworkers, whose top leaders have opposed the sale, said in a statement that the union "cannot speculate about the impact of today's announcement without more information. Our concern remains that Nippon ... will further erode domestic steelmaking capacity and jeopardize thousands of good, union jobs."
Trump made a similar announcement in February, though that announcement seemed merely to add to confusion over his position on the acquisition. During the 2024 election, both he and Joe Biden said they opposed an outright acquisition of US Steel by a Japanese-based firm.
The White House did not immediately respond to a request for more details about the transaction. The office of U.S. Sen. Dave McCormick did not respond to a request for comment, though in a social-media post of his own he celebrated the deal as "a huge victory for America.
"Only Donald Trump could have made this happen," he added.
Others too praised the deal, even while its terms were still unclear.
"Now that President Trump — who has sole decision making authority ... has expressed his support for the deal — we have the opportunity to deliver historic investments [and] ensure the future of American steelmaking continues to run through the Mon Valley," said Gov. Josh Shapiro in a statement.
State Sen. Kim Ward, a Westmoreland County Republican and the Senate's President Pro Tempore, said the deal would "position the American steel industry to dominate the global marketplace through innovation.
"This $28 billion deal will sustain and create a combined total of 25,500 jobs and keep U.S. Steel where it belongs — in western Pennsylvania," she added. Ward, who has long backed the Nippon deal, sad that she had "no doubt when [Trump] decided to review this deal after the Biden administration blocked it that he would fight for the steelworkers and their families here in Pennsylvania and across our country."
The Allegheny Conference also hailed the deal, saying the business group was "incredibly thankful to President Trump for today’s announcement approving the Nippon Steel–U.S. Steel (USS) deal. The decision reflects a clear recognition of the opportunity this significant investment presents — not just for the economic future of the Pittsburgh region but for the future of American manufacturing and steelmaking.
"We stand ready to welcome Nippon Steel to our community and our tables as our partner in regional economic growth," the statement, attributed to CEO Stefani Pashman on behalf of the organization's Board of Directors.
The Pennsylvania Manufacturers Association offered similar praise, with president David N. Taylor hailing Trump as "the grandmaster of the deal."
"At every turn, President Trump took the deal that Joe Biden discarded and reshaped it into a huge victory for the Mon Valley, western PA, and the whole commonwealth," Taylor said. "This new partnership means that Pennsylvania will be producing steel for generations to come with new and better facilities and world-class production methods and technologies, thanks to our partners and investors at Nippon Steel."
Josh Spoores, the Pennsylvania-based head of steel Americas analysis for commodity researcher CRU, said he’s seeing “this ‘partnership’ is a green light for the acquisition.”
Congressman Chris Deluzio, who has previously opposed the proposed acquisition, struck a wary note Friday evening, saying "the devil will be in the details about President Trump’s announcement for the future of U.S. Steel." But he took credit for some of its reported terms, saying "thank goodness guys like me didn’t fold and weakly say yes to Nippon’s initial offer. Because we didn’t blink, the reported $14+ billion offer on the table is 10 times better. "
Deluzio's colleague, Summer Lee, also responded cautiously, saying she was "still gathering information on today's announcement" but voicing concern about "what happens when decisions are made without putting workers, local community investment, and resident health at the center of the conversation."
Shares of U.S. Steel jumped 21% on the news, and continued rising in aftermarket trading.
