The U.S. government has approved Nippon Steel's acquisition of US Steel.
U.S. President Donald Trump said on the 23rd (local time) on social media platform Truth Social, "After much consideration and negotiation, US Steel will remain in the United States and maintain its headquarters in the great city of Pittsburgh." Trump noted, "This will be a planned partnership between US Steel and Nippon Steel and will create at least 70,000 jobs and add $14 billion (about 19 trillion won) to the U.S. economy. This is the largest investment in Pennsylvania's history."
The U.S. government previously denied Nippon Steel's acquisition of US Steel during former President Joe Biden's administration due to national security concerns. After Trump was elected, the Japanese side sought to persuade the U.S. government by proposing large-scale investments to gain approval for the acquisition of US Steel. Trump directed a review of Biden administration's denial decision in April. He stated that while Nippon Steel could not hold a majority of US Steel's equity, it would be acceptable to have a minority stake through investment.
Reuters reported that Nippon Steel plans to invest a total of $14 billion (about 19 trillion won) in US Steel to obtain approval from the Trump administration, which is five times the previously stated investment amount.