Trump approves Nippon Steel Investment in American Steel, ends saga on foreign ownership of national property
US President Donald Trump approved a bid to make a large investment in the reputed US steelmaker by Japan -based Nippon Steel, dramatically increased between discussions about the foreign control of an important national property in the American company shares.After Trump’s announcement on the truth social, the company -based company shares increased by more than 21 percent, with more profit in the later trading of Trump, although specific arrangements remained unspecified.“I am proud to declare that, after a lot of thought and conversation, American Steel will remain in the US, and will keep its headquarters in the great city of Pittsburgh. For many years, the name, ‘United States Steel’ was synonymous with greatness, and now, it will be again. This will be a planned partnership between United States Steel and Nippon Steel, which will generate at least 70,000 jobs, and add $ 14 billion to the USThe economy, “he said in a post on truth social.“A large part of that investment will be in the next 14 months. It is the biggest investment in the history of Pennsylvania. He said. The development follows the December 2023 declaration of $ 14.9 billion merger between US Steel and Nippon Steel, which faced strong Sangh opposition due to concerns about foreign ownership.Nippon Steel expressed support for Trump’s action, stating that it shared the objectives of the administration regarding American workers, industry and security.US Steel appreciated Trump’s leadership, which confirms the continuous American identity and an enough four -year investment program of the nippon.The specific details of this partnership are unpublished by the White House and both companies.The United Steelworkers Union maintained its reservation, international president David McCal expressed concern about the business law compliance history of Nippon and the possible threats for the Sangh’s employment.The original acquisition prescribed for the completion of the third financial quarter of 2024 was indicated by the former President who was blocked by the former President who Biden on a national security basis.Despite the initial opposition, Trump’s stance has evolved to consider Nippon’s investment. He has directed the committee on foreign investment in the United States to assess the security implications of the acquisition within 45 days.
