U.S. Steel and Japan’s Nippon Steel announced Wednesday morning that they have entered into a historic agreement together, days after President Donald Trump approved the merger.
The $14.1 billion deal is expected to create more than 100,000 jobs in the steelmaking industry, the corporations said in a joint statement. Nippon will make at least $11 billion in new investments in U.S. Steel by 2028, which includes initial spending on a greenfield project that will be completed after 2028.
“I am very pleased that the partnership between Nippon Steel and U.S. Steel has been realized thanks to President Trump’s historic and visionary decision,” said Nippon Chairman and CEO Eiji Hashimoto.
On Friday, Trump signed an executive order to approve the U.S. Steel-Nippon merger. The partnership has been delayed after Trump initially opposed it during his presidential campaign and former President Joe Biden blocked the merger before leaving office in January.
Trump expects the merger to create at least 70,000 jobs and pump $14 billion into the U.S. economy.
The president’s executive action followed the two companies’ entry into a national security agreement with the federal government, which will receive a “golden share” from U.S.
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Author: Dillon B
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