Shares of US Steel soared 21% as investors on the news|Adam Jones|CC BY-SA 2.0
President Donald Trump said on Truth Social yesterday that the deal between Nippon Steel and US Steel would be a “planned partnership,” which “will create at least 70,000 jobs, and add $14 Billion Dollars to the U.S. Economy.”
The majority of that investment would occur in the next 14 months.
The US Steel’s HQ in Pittsburgh will remain intact, and the president will hold a rally there next Friday.
The Japanese company had long sought to take over the US steelmaker, but President Joe Biden had blocked the bid on national security concerns. At the time, Trump had also opposed the deal.
Shares of US Steel soared 21% as investors on the news.