President Donald Trump held a rally on Friday, May 30th, at the U.S. Steel Irvin Works factory in Pittsburgh, Pennsylvania, announcing a “partnership agreement” with Nippon Steel from Japan.
This move signifies a significant shift in Trump’s stance on the deal, as he had previously voiced opposition to the acquisition during the 2024 election campaign.
Trump stated that following the deal, the headquarters of U.S. Steel will remain in Pittsburgh and they will inject $14 billion into the U.S. economy over the next 14 months, creating at least 70,000 job opportunities. He emphasized that this is an “investment” and “partial ownership” agreement, but “control belongs to the United States.”
White House trade advisor Peter Navarro told reporters on Thursday that “Nippon Steel will participate, but will not control the company.”
“The U.S. Steel company owns the company,” Navarro said. U.S. Trade Representative Jamieson Greer told CNBC on Friday that the details of the Nippon Steel deal are “relatively confidential.”
Pennsylvania Senator Dave McCormick revealed to CNBC that the agreement includes the U.S. government holding a “golden share,” giving it approval authority over board members to ensure U.S. dominance in key decision-making. Additionally, the CEO of U.S. Steel will be an American, and the majority of board seats will be occupied by Americans.
Previously, the Biden administration blocked the Nippon Steel acquisition of U.S. Steel in January 2025 citing national security concerns. The Trump administration resumed the review of the deal in April and announced support for this partnership on May 23.
Despite Trump’s emphasis on U.S. control, detailed information on the structure of the deal has not been provided by the White House or the related companies. The market reacted positively, with U.S. Steel stock rising over 20% after Trump announced support for the partnership.
The United Steelworkers union, initially opposed to the deal, stated that they cannot speculate on the impact of Trump’s statement without more information.
This collaboration holds significant importance for Trump’s manufacturing policy, especially in crucial swing states like Pennsylvania, which could impact voter sentiment. However, further clarity on the final details of the deal is needed to ensure a balance of interests for all parties involved.