Trump says US Steel will keep HQ in Pittsburgh in a sign he’ll approve bid by Japan-based Nippon
May 23, 2025
President Donald Trump says U.S. Steel will keep its headquarters in Pittsburgh as part of what he called a “partnership” between the American steelmaker and Japan-based Nippon Steel, which sought to buy it. Trump’s statement Friday left it vague as to whether he’s approving Nippon Steel’s bid after vowing to block it, but investors took it as a positive sign, sharply pushing up U.S. Steel’s shares. The companies issued approving statements, but didn’t describe terms of the deal. Nippon Steel’s nearly $15 billion bid to buy U.S. Steel was blocked by former President Joe Biden. One union official suggests the federal government will have a role in the company’s management going forward.
