The partnership deal is expected to add $14 billion to the U.S. economy.
President Donald Trump said on Sunday that U.S. Steel will remain under American control despite its partnership deal with Japanese steelmaker Nippon Steel.
Speaking to reporters before boarding Air Force One, Trump suggested that Nippon Steel would have “partial ownership” of U.S. Steel, though he did not provide further details.
“It will be controlled by the United States, otherwise, I wouldn’t make the deal,” he told reporters at a New Jersey airport. “It’s an investment and it’s a partial ownership, but it will be controlled by the USA.”
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Nippon Steel said the partnership is a game changer “for U.S. Steel and all of its stakeholders, including the American steel industry, and the broader American manufacturing base.”
The deal was first announced in December 2023, when Nippon Steel planned to acquire U.S. Steel for $14.9 billion, but it was blocked by then-President Joe Biden due to national security concerns.
Trump also opposed Nippon Steel’s acquisition of U.S. Steel during his 2024 presidential campaign, but he subsequently changed his stance on the deal after taking office.
David McCall, president of the United Steelworkers union, has voiced opposition to Nippon Steel’s proposed takeover of U.S. Steel, citing the Japanese company’s alleged violation of trade laws.
The Epoch Times reached out to Nippon Steel for comment but did not receive a response by publication time.
Emel Akan, Reuters, and The Associated Press contributed to this report.
