Lates News

On the 23rd, President Trump of the United States stated that American steel companies and Japanese iron companies will establish a "planned partnership", with Nippon Steel investing in American steel, which will continue to "stay in the United States". Trump announced on the social media platform "Truth Social" that the headquarters of American Steel will remain in Pittsburgh, Pennsylvania. "This will be a planned partnership between American Steel and Japanese Iron, which will create at least 70,000 jobs and add $14 billion to the U.S. economy. Most of the investment will be completed within the next 14 months." According to the Financial Times, last week Nippon Steel agreed to triple its investment in American steel as a final effort to get Trump to change his position. Trump said he would visit Pittsburgh before May 30 for a major event at American Steel. Nippon Steel later released a statement saying that Trump's decision will be a major turning point for the American steel industry and even the entire American manufacturing industry. Politico reported that Trump's remarks overturned his stance during the presidential campaign and also overturned former President Biden's efforts to block the acquisition before leaving office.