Trump Approves Nippon-U.S. Steel Merger, Claims $14B Economic Boost

Former President Donald Trump on Friday approved the long-disputed merger between U.S. Steel and Japan’s Nippon Steel, reversing the previous Biden administration decision to block the deal on national security grounds.

“This will be a planned partnership… which will create at least 70,000 jobs and add $14 billion to the U.S. economy,” Trump posted on Truth Social. He also confirmed that U.S. Steel’s headquarters would remain in Pittsburgh and the majority of investments would be made within 14 months.

Following the announcement, U.S. Steel shares surged more than 20%, closing at $52.01.

Biden Blocked, Trump Greenlights

The Biden administration had previously rejected Nippon’s $14.9 billion acquisition bid in January, citing potential threats to key U.S. supply chains. At the time, President Biden argued the transaction posed risks to national security and domestic manufacturing resilience.

Trump, in contrast, ordered a fresh review in April via the Committee on Foreign Investment in the United States (CFIUS), signaling a willingness to reassess the deal amid evolving geopolitical and economic considerations.

Rally in Pittsburgh

Trump announced he would hold a rally at U.S. Steel’s Pittsburgh headquarters on May 30, further emphasizing his administration’s support for the domestic steel industry and job creation promises.

The decision could mark a turning point in U.S.-Japan corporate relations and represents a broader shift in Trump’s trade and investment stance, as he pushes to promote foreign investment under conditions that preserve U.S. strategic interests.

Nippon Steel has not yet issued an official statement on the greenlighted merger.