Watch: Trump Makes Major U.S. Steel Announcement, Workers Flood Stage in Gratitude

On Friday, President Donald Trump revealed that Japan’s Nippon Steel plans to make a significant investment in U.S. Steel rather than acquiring the company outright.

During a joint press conference with Japanese Prime Minister Shigeru Ishiba, Trump stated that Nippon "is going to be doing something very exciting about U.S. Steel. They’ll be looking at an investment rather than a purchase. U.S. Steel is a very important company to us."

“I’ll be there to mediate and arbitrate,” he added, explaining that representatives from both companies will meet next week to negotiate the terms of the investment.

Founded in 1901 and headquartered in Pittsburgh, Pennsylvania, U.S. Steel has been shaped by prominent figures such as Andrew Carnegie, J.P. Morgan, Charles Schwab, and Elbert Gary.

At one point during the press conference, the president appeared to mistakenly refer to Nippon as Nissan, the Japanese automaker. However, it was indeed Nippon Steel that had proposed a nearly $15 billion acquisition of U.S. Steel in December 2023, according to the Associated Press.

Prime Minister Ishiba confirmed Nippon’s intentions, emphasizing the benefits of the deal. “Investment is mutually beneficial, so be it with U.S. Steel, as Mr. President says, it is not acquisition, it is investment. So the Japanese technology will be provided and better quality products will be manufactured in the United States.”

He continued, “And U.S. Steel will make products which will contribute not only to the United States and Japan but also to the whole world. It is not one-sided. It will be reciprocal.”

Fox Business Network’s Edward Lawrence followed up by asking Trump, “Is this a restructuring of the deal that’s happening and will you approve?”

“They’re doing it as an investment, no longer a purchase. I didn’t want it purchased, but investment I love, and they’re going to do a big investment, subject to getting the deal done,” Trump responded.

This announcement followed earlier reports by Fox News White House correspondent Peter Doocy, citing a CBS News story, that Trump was considering allowing Nippon to fully acquire U.S. Steel.

The proposed sale had been a key issue during last year’s campaign, with both Trump and then-President Joe Biden opposing the acquisition.

Back in October, steelworkers from U.S. Steel’s Mon Valley Works joined Trump on stage at a Pennsylvania rally, expressing their support for him. They credited the tariffs he imposed on imported steel during his first term with saving their jobs.

Trump reiterated his stance on Truth Social in early December, stating, “I am totally against the once great and powerful U.S. Steel being bought by a foreign company, in this case Nippon Steel of Japan. Through a series of Tax Incentives and Tariffs, we will make U.S. Steel Strong and Great Again, and it will happen FAST!”

“As President, I will block this deal from happening. Buyer Beware!!!”

Biden later issued an executive order last month blocking the sale.

According to CNN, the United Steelworkers union opposed the deal, fearing that Nippon would shut down older mills in Pennsylvania and Indiana while shifting production to newer mini-mills in Texas.

In response, U.S. Steel and Nippon released a joint statement vowing to challenge Biden’s executive order in court “to protect our legal rights.”

Their statement asserted, “Nippon Steel is the only partner both willing and able to make the necessary investments – including at least $1 billion to Mon Valley Works and approximately $300 million to Gary Works as a part of $2.7 billion in investment that it has already committed – to protect and grow U.S. Steel as an iconic American company for the benefit of the communities in which it operates and the entire American steel industry.”