Trump greenlights U.S. Steel deal, promising $11B investment and 100,000 American jobs

President Donald Trump issued an executive order on Friday approving U.S. Steel’s merger with Japan’s Nippon Steel through a National Security Agreement (NSA). 

The NSA includes a commitment to more than $11 billion in new steelmaking investments in the United States by 2028 and the creation of more than 100,000 jobs. 

The deal also gives the U.S. government a "golden share" of the merger, which includes commitments to governance, domestic production and trade.

"This partnership will bring a massive investment that will support our communities and families for generations to come. We look forward to putting our commitments into action to make American steelmaking and manufacturing great again," U.S. Steel and Nippon Steel companies said in a statement.

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The companies said they have completed the U.S. Department of Justice's review process and "all necessary regulatory approvals for the partnership have now been received, and the partnership is expected to be finalized promptly."

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Trump's executive order signed Friday said the transaction may still pose national security risks, as raised by President Joe Biden when he blocked the deal in Jan. 2025. 

As the partnership is teed up for its final approval, the Committee on Foreign Investment in the United States (CFIUS) is authorized to implement and enforce measures to protect U.S. national security until the partnership is finalized. 

Last month, Trump touted the steel deal that will allow Nippon Steel to invest in U.S. Steel without an outright acquisition of the company during a rally with steelworkers in West Mifflin, Pennsylvania.

Nippon Steel initially proposed buying U.S. Steel in 2023 for $14.9 billion, but the deal was put on hold due to political opposition. 

Biden blocked the deal on national security grounds in January before leaving office, though the two companies filed a lawsuit arguing the CFIUS process was unfair.

The Trump administration launched a fresh review of the deal in April and the president himself recently signaled his support last month that the partnership will allow Nippon Steel to invest without taking full ownership of U.S. Steel. 

Trump then approved Nippon Steel’s partnership with U.S. Steel, calling it "a blockbuster agreement" that ensures the company "stays an American company."

Speaking at the Mon Valley Works Irvin Plant outside Pittsburgh last month, Trump assured workers that "there will be no layoffs and no outsourcing whatsoever," and announced that he will double tariffs on foreign steel to 50% while "every U.S. steelworker will soon receive a well-deserved $5,000 bonus." 

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U.S. Steel is also expected to keep its name and Pittsburgh headquarters, as well as its leadership team. Nippon previously said it would invest billions in upgrading U.S. Steel facilities in the Pittsburgh area's Monongahela Valley as well as the Gary Works in Indiana.

Eric Revell and Jasmine Baehr contributed to this report.