Trump Shares New Plan for Pittsburgh-Based U.S. Steel, “Good News for the Future”

President Trump took steel industry executives by surprise with the announcement that a Japanese company would invest in, rather than acquire, U.S. Steel.

President Trump provided an unexpected update on Friday regarding Nippon Steel’s long-awaited merger with U.S. Steel, explaining the Japanese company will “heavily invest” rather than pursue an acquisition. 

“They’ll be looking at an investment rather than a purchase,” Trump stated, explaining that Pittsburgh-based U.S. Steel “is a very important company” to the United States.

“It was the greatest company in the world for 15 years, many years ago, 80 years ago, and we didn’t want to see that leave, and it wouldn’t actually leave, but the concept psychologically [is] not good,” the President explained. “So, they’ve agreed to invest heavily in U.S. Steel, as opposed to own it, and that sounds very exciting.”

President Trump’s announcement came during a joint press conference with Japanese Prime Minister Shigeru Ishiba at the conclusion of the pair’s trade talks. 

The Trump administration’s interest in considering alternative conclusions to the attempted merger, which was initiated in December 2023, marks a departure from the prior administration’s handling of the situation. The Biden administration blocked the sale without recourse following a review by the Committee on Foreign Investment in the United States – a move that steel industry executives argued stemmed from predetermined bias.

Though the steel companies have yet to comment publicly on the merger’s new direction, follow-up comments from a spokesperson for the Japanese government indicate mutual satisfaction with the proposal.

Thank you, President Trump, for your interest in a thriving future for U. S. Steel.@POTUS@realDonaldTrump pic.twitter.com/2tNPvNyUr4

— U. S. Steel (@U_S_Steel) February 8, 2025

“​We are aware that Nippon Steel is not looking at this as a mere acquisition but is considering a bold proposal that is completely different from anything it has done in the past,” stated Yoshimasa Hayashi, Japan’s Chief Cabinet Secretary.

Nippon’s proposed investment in U.S. Steel has also been well-received by Pennsylvania officials, with Gov. Josh Shapiro’s office stating his priority is to “protect Pennsylvania jobs” and that he looks forward to “reviewing the details of the potential investment announced today.”

In his previous comments regarding the steel merger, however, Shapiro indicated his intentions to align his support with that of the United Steelworkers union – a key stakeholder organization whose concerns about involvement with Nippon “remain unchanged.”

“Nippon has proven itself to be a serial trade cheater with a history of dumping its products into our markets,” the union stated. “While we await the details of the proposed investment, we encourage President Trump to continue safeguarding the long-term future of the domestic steel industry by instead seeking American alternatives.”

Local political leaders in western Pennsylvania remain optimistic about what Japanese investment could mean for steel industry jobs; PA Sen. Kim Ward, President Pro Tempore of the state senate, expressed her confidence that, “President Trump has always fought for America, so I had no doubt he would fight for the steelworkers and their families in southwestern Pennsylvania by taking a second look at the deal.”

Ward added that, pending additional details of the President’s new plan, “this is a positive development and is good news for the future of southwestern Pennsylvania, the steelworkers, and our heritage.”

Discourse surrounding U.S. Steel comes amid President Trump’s Monday announcement of 25% tariffs on steel and aluminum imports, of which he stated, “Our nation requires steel and aluminum to be made in America.”