President Donald Trump knows a good deal when he sees one. That’s why he’s bound for Pittsburgh, Pennsylvania, to headline a rally Friday to celebrate Nippon Steel’s “planned partnership” with U.S. Steel in a move that flags a final agreement could be on the horizon.
Reuters reports backers of the transaction hope his visit to the state where U.S. Steel is headquartered will cap a tumultuous 18-month effort by Nippon Steel to buy the iconic American company, roiled by union opposition and a series of national security reviews.
There may still be a few loose ends to tie up, but the Reuters report sets out what could happen next and what hurdles still remain in what Trump has called an “investment” that will be controlled by the U.S.:
Following Trump’s post on Truth Social last Friday announcing the rally and appearing to endorse the merger, he sowed doubt on Sunday, describing the deal to reporters as an investment with “partial ownership,” with control residing with the U.S.
Trump will deliver remarks at a U.S. Steel plant at 5 p.m. ET (2100 GMT) on Friday in the political swing state, which he won in the 2024 election. The White House described his remarks as being about the “U.S. Steel Deal.”
Trump technically has until next Thursday to decide whether to approve or scuttle the deal, after the Committee on Foreign Investment in the U.S. last week completed a second review of the merger. But the timeline could slip.
Trump, who opposed the acquisition during the 2024 campaign, has clearly since warmed to a deal between the steel producers, touting a $14 billion investment the president said would create at least 70,000 jobs.
Sen. David McCormick, a Pennsylvania Republican, provided more details on the agreement in an interview with CNBC on Tuesday, saying U.S. Steel would have an American CEO and a majority of its board members will be from the U.S., an arrangement that was also part of the original deal as rejected by former President Joe Biden.
As Breitbart News reported in 2023, U.S. Steel and Nippon Steel executives sought a nearly $15 billion deal that would have seen the iconic American steel giant — vital to the U.S. Armed Forces in World War II against Japan — sold off to the Japanese company.
Nippon Steel hired former Secretary of State Mike Pompeo to lobby Trump and the Biden administration to change their positions on the acquisition.
The lobbying effort, though, failed back then but has since been resuscitated.
U.S. Steel was founded in 1901 by Andrew Carnegie, J.P. Morgan, and Charles Schwab and served a critical role in the nation’s “Arsenal of Democracy” during WWII.
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