President Donald Trump announced a “partnership” between the Japanese Nippon Steel and U.S. Steel, reversing his campaign pledge to block the merger.
The announcement follows an expensive lobbying campaign by the two companies, which announced their intent to merge in December 2023. U.S. Steel has faced financial difficulties in recent years and warned that without the merger, opposed by lawmakers and the steelworkers union, the company would have to move its headquarters out of Pittsburgh, threatening jobs.
“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 wrote on his social media platform Truth Social on Friday.