On May 30, 2025, President Trump of the United States will hold a campaign rally in Pennsylvania, where he is set to announce an investment agreement reached with Nippon Steel, allowing the company to make a “partially owned” investment in U.S. Steel. Trump emphasized that American steel will remain under American control, a move aimed at safeguarding national interests and manufacturing industry employment.
At the end of 2023, Nippon Steel proposed a comprehensive acquisition of U.S. Steel for $14.9 billion, drawing strong opposition from political circles and labor unions, including both Trump and then-President Biden taking a stance against it.
At that time, Trump had repeatedly promised to block the deal, opposing foreign companies controlling crucial manufacturing assets in the United States. However, he changed his stance last week, announcing a new agreement led by the U.S., allowing Nippon Steel to make a “partial investment” in U.S. Steel. The specific details and ownership structure of the agreement have yet to be confirmed.
Trump stated that the new agreement would ensure American control over U.S. Steel, highlighting the importance of the longstanding company to national security, American supply chains, and industries such as automobile manufacturing.
He reiterated that the headquarters of U.S. Steel would remain in Pittsburgh and emphasized that if the company does not remain under American control, he would not approve the deal. Trump also aims to showcase his commitment to revitalizing the manufacturing industry to garner support from blue-collar workers.
Informed officials told the Associated Press that the future board of directors and top executives of U.S. Steel will be led by Americans, with the U.S. government retaining veto power over major decisions through a “golden share” special shareholding system without requiring a majority stake.
Trump and Pennsylvania Republican Senator David McCormick both stated that this design would ensure U.S. Steel only makes decisions aligning with American interests. Reports indicate that this arrangement includes three individuals appointed by the U.S. government joining the board of directors.
However, as of the time of publication, U.S. Steel and Nippon Steel have not issued official statements regarding the details of the new agreement.
The United Steelworkers union expressed skepticism about this new agreement, pointing out that there is no evidence that Nippon Steel has abandoned the idea of a complete acquisition and questioning whether this “partial ownership” cooperation differs substantively from the original acquisition proposal.
The union reiterated that it would not accept the deal unless U.S. Steel remains fully under American control.
Pennsylvania officials generally hold a cautious supportive stance. Governor Josh Shapiro expressed a “cautiously optimistic” view of the arrangement, believing it will improve U.S. Steel’s prospects.
West Mifflin Mayor Chris Kelly called the deal “heartening,” anticipating it could save thousands of local job opportunities. He described it as a “last-minute reprieve before steel leaves Pittsburgh.”
While the details of the transaction remain unclear, the fate of U.S. Steel has become a vital political issue in American politics.
Pennsylvania is one of the most critical swing states in the country, and the future of U.S. Steel not only impacts the industry’s direction but may also influence the Republican Party’s situation in the 2026 midterm elections.
U.S. Steel was once the world’s largest company. Trump stressed that this agreement will be an important step in revitalizing American manufacturing and hopes to solidify support from industrial state blue-collar voters.
Recently, Trump and several U.S. officials stated that in addition to the initial $14.9 billion, Nippon Steel will invest an additional $14 billion, including building a new electric arc furnace steel plant in the U.S., although the specific location of the plant has not been disclosed.
Pennsylvania Senator John Fetterman, a Democrat, while not explicitly supporting the new proposal, stated that he opposed the original deal until “Nippon Steel sweetened the deal with an additional $14 billion.”