Trump says US Steel will stay in Pittsburgh and enter a ‘planned partnership' with Nippon
Trump today said he approved the $14.9 billion merger of Japanese-owned Nippon Steel Corporation and United States Steel Corporation. He asserted in a post on Truth Social that the deal would create 70,000 jobs (US Steel currently employs around 22,000 people, down from a two-decade peak near 50,000). He also claimed it would add $14 billion to the US economy.
Pennsylvania's junior senator, Dave McCormick, repeated the monetary amount while describing a different number of jobs.
'This $14 billion investment by Nippon Steel ensures this storied American company remains under US leadership, dramatically enhances US domestic steel production capacity, protects more than 11,000 Pennsylvania jobs, and supports the creation of at least 14,000 more,' Sen. McCormick posted on X.
Per the president, US Steel will keep its headquarters in Pittsburgh, where it's been located for more than a century, and Trump said he will visit the city for a 'big rally' next Friday, May 30.
The company on Friday afternoon issued a statement praising the president for the decision.
'US Steel will remain American, and we will grow bigger and stronger through a partnership with Nippon Steel that brings massive investment, new technologies and thousands of jobs over the next four years,' the company said, in part.
At the time of publication, the administration did not provide more specifics on the agreement or economic impacts. Nippon's purchase, however, comes at a time of dwindling steel jobs over the past half-century, as federal investments like the New Economy Collaborative look for ways to build opportunities in robotics and automation in the region.
'Our energy assets, skilled workforce, higher education and strategic location to markets,' Allegheny Conference CEO Stefani Pashman said, 'are a tremendous value proposition for investment from companies like Nippon.'
The decision to move forward with the deal reverses former President Joe Biden's move to block the merger in January, a few weeks before his term ended. It also marks a shift away from Trump's campaign trail stance against the Nippon-US Steel purchase.
Previously, US Steel threatened to leave Pittsburgh, or at least downsize its presence, if the deal failed. Plus, United Steelworkers, the trade union representing some workers at US Steel, continuously came out against the proposal.
For Pittsburgh, the legacy of steel looms large. US Steel, once the largest domestic company and a hallmark of American industrial might, is now worth roughly $11.75 billion of a stock surge post-announcement. In contrast, Nippon Steel is valued at over $21.66 billion and ranks as the world's fourth-largest steelmaker.
The decline of US Steel mirrors a larger story of economic transformation. Once a cornerstone of industrial America, the company now symbolizes how automation and globalization reshaped Pittsburgh and similar cities.
Still, elected officials, as both pro- and anti-deal legislators have previously said, are hoping for a path forward that continues to build up the region for the so-called new economy.
Several Pennsylvania politicians issued statements on Friday afternoon.
'We have the opportunity to deliver historic investments,' Gov. Josh Shapiro said, 'ensure the future of American steelmaking continues to run through the Mon Valley while the headquarters of US Steel remains in Pittsburgh and have our workers, right here in Pennsylvania, continue leading the world with their skill and innovation.'
'Vowed to jam that up almost a year and a half ago and we did,' posted Sen. John Fetterman. 'The original deal was a death sentence for Mon Valley steel. Nippon coughed up an extra $14B. This is why we fight for the union way of life.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Technical.ly
a day ago
- Technical.ly
All the things Americans do agree about
Despite political dysfunction and rapid swings in national mood, Americans retain a strong belief in bottom-up power and their ability to shape society, a sentiment that fuels optimism even in difficult times. While the US produces a disproportionate global share of top researchers and maintains trade surpluses in high-value services, the country is capable of both exceptional good and deep missteps — and progress depends on coalition-building and sustained civic engagement. Entrepreneurship is increasingly viewed as a unifying force that transcends political divides, offering practical solutions to economic and social challenges and garnering bipartisan policy interest. Karl Marx and Abraham Lincoln exchanged letters. In early 1865, Marx wrote to congratulate Lincoln on his reelection. 'The workingmen of Europe feel sure that,' Marx wrote, 'as the American War of Independence initiated a new era of ascendancy for the middle class, so the American Antislavery War will do for the working class.' Lincoln was no communist. But he famously sought out competing perspectives and built coalitions to advance his causes. Marx thought of the Union as a force for progress. It's again a complicated time to be American: 3 in 5 report a high-degree of pride in nationality. It's the lowest overall score in the 25 years of Gallup's survey, but, like with so many issues, our feelings range widely by political affiliation. We're swapping national myth for tribal myth. We squandered post-Cold War global hegemony with financial indiscretion and foreign entanglements. Our unregulated information sector undermined local news, amplifying polarization. Yet the American project remains fundamentally valuable: more than any other country over the last century, we've been a net force for democracy, peace and economic prosperity — because most voters have wanted it. 'America is a country where power flows from the bottom up. People feel like they own the country, unlike almost anywhere else on Earth,' said Victor Hwang, the founder-CEO of pro-entrepreneurship advocacy group Right to Start. He's one of my cohosts for our monthly Builders Live podcast. 'Long-term optimism comes from our narrative of shareholder activism,' Hwang said. So many interests want to divide us. At the risk of sounding naive, Hwang says we need to focus more on what we agree on. 'Americans believe deeply in their power to shape society.' America's complex modern moment Hwang is a son of Chinese immigrants who grew up in Middle America. He's taken a series of cross-country roadtrips in recent years, alongside international travel. He spoke to me last month in the middle of the night from a hotel lobby in Japan's Osaka. He's celebrating July 4 with family, taking in a Dodgers baseball game and fireworks. It's a small respite before he continues his policy work, and supporting America the Entrepreneurial — a year-long campaign to engage 250,000 Americans in starting new businesses in time for next year's 250th anniversary of the signing of the Declaration of Independence. Despite uneven national identity, three-quarters of Americans have a positive view of the Fourth of July holiday, according to a poll from last year, including majorities run across the political spectrum. I agree with them, even if that comes with an awareness of the holiday's complexity. I also have a positive association with Juneteenth, which serves as a powerful reminder of how the American promise has always been justice delayed — which is to say justice denied. The newsroom looks over the spot where the Declaration was signed, and first read publicly, in both English and German. I bicycle past daily, and I've decided my discomfort with the holiday is part of the point. I am a proud American, which is exactly why I have expectations that can be missed. Think of the good. America's innovations in science, technology, and culture continue to profoundly shape the world. With just 4% of the population, the United States hosts almost 40% of the world's 'highly-cited researchers,' a proxy for impact. Meanwhile, for all the talk of a global trade imbalance for goods, Americans have a trade surplus in services, including law, technology and all those international students at our universities. Like it or not, the American economy and military have underwritten relative peace and prosperity around the world for most of the last 80 years. That's why politically-charged gutting of American science research is frustrating. That's why videos of masked ICE agents rounding up American citizens is gut-wrenching. That's why the genuine fear I hear from friends is alarming. 'As a woman in Alabama preparing to give birth, I'm acutely aware of the backslide in healthcare and women's rights,' said Maria Underwood, another podcast cohost who is TechBirmingham chair and an Alabama native expecting her second child. Yet she too holds a kind of hope. 'Optimism comes from seeing people actively working to push against this,' Underwood said. 'I see people organizing more than ever, building companies, solving real problems.' What do Americans agree about? My passion for journalism is rooted in this belief: To love a thing is to do so even while understanding the worst of it. My personal philosophy opposes any concentration of power — corporate, government, or otherwise. Coalition building, for me, means focusing more on what we agree on, rather than what we disagree about. That's how I understand longterm political change is made. Americans are a 'thermostatic electorate,' to use a political science term, meaning that we tend to throw out each successful political movement — which routinely overestimates the depth of their support. Famously, a 1969 book called 'The Emerging Republican Majority' was responded with a 2002 book called 'The Emerging Democratic Majority,' which was fulfilled by an Obama-era that was followed by a Trump era. The president's political party almost always loses midterm elections, and yet somehow each cycle we treat it as a surprise. Lately the concern is all this is swinging back and forth harder and faster. The rise of ' two-year presidencies ' has introduced a move-fast-and-break-things style of governance. A constitutional scholar warned last fall that ' the regulatory pendulum ' is operating more like a bullwhip: Business leaders and advocates push harder with each cycle. Consumer confidence, economic certainty and the general national mood appear to switch even more dramatically than before. If your preferred national political party is in office, you think things are getting better. If they're out of power, you think things are getting worse. Entrepreneurship is a tool for coalition building Entrepreneurship still promises a kind of salve. Hwang reminds that polling for new and small business looks sky-high among Americans across the political spectrum. Here it helps to remember the 'horseshoe theory of politics,' which depicts the American electorate as bent in a half-circle so that the two extremes of the political spectrum begin to reach agreement, in their desire for destruction and disagreement. In his 2021 book ' The Story Paradox,' professor Jonathan Gottschall argues that Americans are locked in a battle between two competing myths, that the country is either uniquely exceptional or uniquely terrible. Rather, it's something in between: a reigning superpower capable of great good that also takes far-reaching missteps. 'The data would tell you, if you turn off Fox News or MSNBC and focus only on economic numbers, we're in a good economic environment, surprisingly perhaps, and it's improving,' said podcast cohost Brian Brackeen, the entrepreneur turned venture capitalist. The American economy remains the world's best, made so by a pro-entrepreneur commitment to the rule of law, Brackeen said. 'I would love to see raised expectations across the country, because that would come from a greater hope of what's possible.' Brian Brackeen, Lightship Capital As one of the country's few Black venture capitalists leading his own fund, Brackeen is not naive to structural racism or corrosive polarization. His grandfather, who died in 2002, was an influential social activist and pastor who helped launch one of the country's first Black-owned banks. That inspired Brackeen's own career journey. 'It's in my blood to serve people through finance and community organization,' Brackeen said. 'I would love to see raised expectations across the country, because that would come from a greater hope of what's possible.' Entrepreneurship, perhaps more than any other force, embodies this duality. It solves problems big and small, creates jobs and drives economic mobility. Policymakers across the political spectrum are increasingly turning to entrepreneurship as a strategy for unity and prosperity. As we celebrate July 4, reflecting on our nation's complicated past and uncertain future, I find optimism in the entrepreneurial spirit. The inspiration I've always taken from Lincoln, who exchanged letters with everyone from Karl Marx and abolitionists to confederate generals, is that we are not defined by any one correspondence but by their sum and the actions we take. Nothing is more effective than a leader who can balance perspective to get the best outcome for the most people — and therefore nothing is more dangerous to those who oppose that. Marx's letter got to Lincoln just a few months before the end of the Civil War. The Union held. A few days after, Lincoln was assassinated, another mark in the long violent struggle to fulfill the American promise. I celebrate this uneven, inconsistent and incomplete journey.
Libya Observer
2 days ago
- Libya Observer
Weekly News Roundup: Friday, July 04, 2025
Trump Advisor Boulous: Elections are the only solution to end Libya's crisis Libyan teen detained in Istanbul, his family says embassy has yet to contact him Foreign Ministry holds preparatory meeting ahead of European delegation visit Eastern-based government signs 'strategic agreements' with Belarus University of Tripoli Signs Scientific Cooperation Agreements with Turkish Institutions CBL discusses support for boosting daily oil output by 247,000 barrels Education ministry officials detained over textbook printing scandal Basketball playoffs: Al-Ahly Benghazi takes a 2–0 lead Libyan Airlines denies bankruptcy rumors, calls for urgent government intervention Police officer killed in armed attack on security buildings in Sorman Medical Supply head and five former officials suspended over embezzlement of 73 million dinars WFP warns of impending food aid shortage for Sudanese refugees Dbeibah meets Tripoli war victims, pledges action on compensation Menfi meets Dutch delegation to bolster bilateral ties UN mission, Libyan defence officials discuss child protection and security reform Libya, UNDP discuss closer cooperation on governance and development HNEC: Voter card distribution suspended in Benghazi, Sabha, and Sirte Preparatory certificate results to be announced on July 8 Libya launches digital platform for port operations HNEC: Voter card distribution suspended in Benghazi, Sabha, and Sirte HIV prevalence in Libya remains low, says NCDC Benghazi Criminal Court sentences drug smuggler to death NOC Chairman: Over 37 international firms eye participation in Libya's upcoming bid round LIA records highest growth rate among global sovereign wealth funds in 2025 Basketball Intercontinental Cup draw places Al-Ahly Tripoli in tough group Turkish Ministry of Defense hosts 3 military technical delegations from Libya's east Belarusian PM to Hammad: Minsk eyes cooperation with Libya in agriculture, industry, and healthcare High Council of State calls on AG to probe illegal 50-dinar banknotes Menfi calls from Seville for international support to rebuild Libya Explosion hits oil tanker off Libyan coast, no injuries reported Libya, France discuss boosting political and economic ties UN official holds political consultations with Libyan trade and industry unions Menfi attends opening of UN Development Financing Conference in Seville Tripoli hosts Arab meeting supporting Libyan planning and development initiative ICC urges Libya's GNU and PC to hand over Osama Njeem Hamad restricts movement of international missions after UN criticism of Reconstruction Fund Libya leaders pledge to restore security balance in Tripoli Libyan forces rescue 11 kidnapped women, arrest internationally wanted criminal LIA discusses reinvestment of frozen assets in New York CBL detects unrecorded 3.5 billion dinars in withdrawn banknotes Al-Lafi: Presidential Council is committed to political solution to end Libya's crisis Greece deploys 3 warships in the Eastern Mediterranean between Turkey and Libya Minister of Youth discusses with Iraqi Chargé d'Affaires ways to enhance bilateral cooperation Libya welcomes Rwanda -DRC peace agreement Tunisia reaffirms support for Libya peace process Libya hosts Arab Planning Institute meeting in Tripoli UN mission backs draft law to address missing persons in Libya NOC affirms Libya's sovereign rights over Eastern Mediterranean resources Libya and Oman agree to reactivate and expand economic partnership Economy Ministry warns against speculation on the Dinar, assures gradual stability of exchange market Libyan and Turkish energy ministers discuss expanding oil and gas cooperation Al-Ittihad crowned champion of the Libyan Futsal League Tags: news headlines
Libya Observer
2 days ago
- Libya Observer
Trump Advisor Boulous: Elections are the only solution to end Libya's crisis
US President Donald Trump's advisor for African affairs, Massad Boulous, stressed that the only solution to the Libyan crisis lies in holding comprehensive presidential elections. In his remarks to Asharq newspaper, Boulous said that the Libyan file is under significant international attention, highlighting the outcomes of the recent US delegation's visit to Egypt and their meeting with President Abdel Fattah El-Sisi and his team, as well as continued follow-up from European, UN, Turkish, and Arab sides. He noted that Libya's transitional phase has dragged on for too long, requiring an urgent resolution. Boulous stressed that presidential elections are the only effective path to end this phase and establish political stability. He further emphasized the importance of ensuring the upcoming elections are 'fair, equitable, and transparent,' and satisfy all Libyan parties, in a way that meets the Libyan people's aspirations for peace and democracy. Tags: Massad Boulos libyan crisis
