May 23 (UPI) -- President Donald Trump announced Friday afternoon that U.S. Steel and Nippon Steel will form a "planned partnership," keeping the American company's headquarters in Pittsburgh rather than in Japan.
The Tokyo-based steelmaker's $14.9 billion bid to acquire its U.S. rival was blocked on national security grounds before President Joe Biden left office on Jan. 3.
Politico described it as a purchase by Nippon Steel, and CNBC as a merger. U.S. Steel, which was founded in 1901, has about 22,000 employees with revenue of $15.6 billion in 2024. Nippon, which traces its roots to Japan Iron & Steel Co. in 1934, has about 113,640 workers with revenue of $43 billion in 2019.
"I am proud to announce that, after much consideration and negotiation, US Steel will REMAIN in America, and keep its Headquarters in the Great City of Pittsburgh," Trump posted on Truth Social. "For many years, the name, 'United States Steel' was synonymous with Greatness, and now, it will be again."
He said the partnership will create at least 70,000 jobs and add $14 billion to the U.S. economy, with the bulk of the investment in the next 14 months. He gave no details on the partnership.
