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Nippon Steel-US Steel Investment Approved by President Trump
May 26, 2025
US President Donald Trump announced a “planned partnership” between Nippon Steel and US Steel, spurring optimism in markets. Both US Steel’s shares and its 5% convertible bond due 2026 were up by over 20%. Trump asserted he would keep US Steel in America, ensuring that its Pittsburgh headquarters remains, and generates at least 70,000 jobs amid economic contributions. However, he stopped short of explicitly endorsing Nippon Steel’s full $14.1bn cash takeover, instead defining it as an “investment” and “partial ownership” that would be “controlled by the USA”. This ambiguity has left investors and diplomats seeking further clarity. The proposed takeover, initially announced in December 2023, had earlier faced considerable political scrutiny from both Biden and Trump. Analysts have noted that the significant scale of the investment could pose challenges for Nippon Steel’s earnings in the short term, potentially draining funds and becoming an obstacle for the Japanese steelmaker.
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