US Steel will come together with the Japanese rival Nippon Steel, said Trump said

Washington. US steel company US Steel will make a planned connection with Japanese competitor Nippon Steel. He said it US President Donald Trump.

Nippon Steel has previously made an offer to take over US Steel for nearly $ 15 billion. However, the transaction was blocked by the previous US President Joe Biden. US Steel also has a company in Slovakia.

According to the unnamed White House representative, Trump’s Nippon’s plan for US Steel’s receipt is now approved, writes Kyodó.

« It will be a planned partnership between US Steel and Nippon Steel, which will create at least 70,000 jobs and bring $ 14 billion to the US economy, » Trump wrote on his social network Truth Social.

Reuters has previously reported that Nippon Steel plans to invest 14 billion in the activities of the US Steel if the merger approved.

According to Kyodo Trump’s decision, US Steel and Nippon Steel welcome the decision. « It should be a turning point for the US steel industry, » said Nippon Steel.

US Steel then appreciated that Trump pays « personal attention » to the future of the company and thousands of staff in the steel industry.

US Steel’s shares have significantly strengthened in response to Trump’s statement. Friday’s trading on the New York Stock Exchange thus concluded with an increase of more than 21 percent.

US Steel was founded in 1901 and is based in Pennsylvania. It was a symbol of American economic fitness, but it has been difficult to keep up with foreign competition lately.

The company owns, among other things, Košice ironworks US Steel Košice, formerly Východoslovenské Železiarne.