President Donald Trump said Sunday that the United States will retain control over U.S. Steel as part of a controversial deal involving a $14 billion investment by Japan’s Nippon Steel, quelling concerns about foreign control of the iconic American company.
Speaking to reporters as he departed his New Jersey golf club, Trump emphasized, “It will be controlled by the United States, otherwise I wouldn’t make the deal.” He added that the arrangement includes partial ownership by Nippon but that final control will remain in American hands.
The clarification follows Friday’s announcement of the partnership, under which Nippon Steel will invest up to $4 billion in a new steel mill as part of the broader acquisition plan. Trump has touted the deal as a major boost for American manufacturing, predicting it would create 70,000 jobs nationwide.
The merger would form the world’s third-largest steel producer by volume, trailing only China’s Baowu Steel Group and ArcelorMittal, headquartered in Luxembourg, according to data from the World Steel Association.
While specifics of the new agreement have not been fully disclosed, investors believe the deal will mirror terms from a 2023 proposal, which included delisting U.S. Steel from public trading and compensating shareholders with a cash buyout.
Political and Economic Implications
The acquisition has been among the most closely watched industrial deals on Wall Street, not only for its size but for its political sensitivity. Critics, including labor unions and some lawmakers, have expressed concern that foreign control could result in job losses, particularly in Pennsylvania, where U.S. Steel is headquartered — a key battleground state in the 2024 and upcoming 2028 presidential elections.
Trump, facing increasing pressure from industrial-state lawmakers, appears to be positioning the deal as a strategic investment, not a takeover. “It’s an investment and it’s a partial ownership,” he said, “but it will be controlled by the USA.”
The statement is expected to ease opposition ahead of the deal’s formal review, which will likely involve scrutiny from the Committee on Foreign Investment in the United States (CFIUS), the federal body responsible for evaluating national security risks related to foreign business deals.
As the steel industry navigates a shifting global market shaped by tariffs, reshoring trends, and geopolitical competition, the U.S.–Nippon partnership signals a major realignment — with Trump positioning it as a win for domestic control, jobs, and economic sovereignty.
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Nippon Steel closed its $14.9 billion acquisition of U.S. Steel on Wednesday after securing approval from the Trump administration, which obtained a rare “golden share” giving the U.S. government veto power over key corporate decisions.
After months of scrutiny, President Trump approved Nippon Steel’s acquisition of U.S. Steel, including a $11 billion investment pledge and U.S. government veto rights to address national security concerns.
U.S. Secretary of State Antony Blinken’s farewell visit to Japan faced tension following President Joe Biden’s decision to block Nippon Steel’s $14.9 billion bid for U.S. Steel, sparking concerns about its impact on U.S.-Japan relations.
Biden blocks Nippon Steel's $14.9B U.S. Steel bid, sparking tensions during Blinken's Japan visit amid efforts to strengthen alliances against China.
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