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President backs Nippon Steel deal with US Steel
Bangkok Post
|May 25, 2025
US President Donald Trump on Friday threw his support behind a new “partnership” between US Steel and Japan’s Nippon Steel, sending the American firm's share price skyrocketing on hopes of an end to the long-running saga over foreign ownership of a key national asset.
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While the details of the deal remained unclear, the Pennsylvania-headquartered firm’s share price popped after Mr Trump took to Truth Social to hail the new arrangement, closing up more than 21% and then rising further in after-hours trading.
“US Steel will REMAIN in America, and keep its Headquarters in the Great City of Pittsburgh,” the US president said in his social media post.
He added that the new “planned partnership” between America’s US Steel and Japan’s Nippon Steel would create at least 70,000 jobs and add US$14 billion (455 billion baht) to the US economy.
Mr Trump's remarks are the latest in a long saga which began in December 2023, when US Steel and Nippon Steel announced plans for a $14.9 billion merger.
This story is from the May 25, 2025 edition of Bangkok Post.
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