WASHINGTON: Shares of steelmaker US Steel skyrocketed as much as 24 per cent on Friday (May 23) after President Donald Trump announced his support for a “partnership” with Nippon Steel.
“US Steel will REMAIN in America, and keep its Headquarters in the Great City of Pittsburgh,” Trump said in a Truth Social post, adding that the “planned partnership” between America’s US Steel and Japan’s Nippon Steel would create at least 70,000 jobs and add US$14 billion to the US economy.
It was not immediately clear what the terms of this new partnership were, and neither company responded to a request for comment.
Trump’s remarks are the latest in a long saga which began in December 2023, when US Steel and Nippon Steel announced plans for a US$14.9 billion merger.
