Trump backs "partnership" between US Steel, Nippon Steel

President Trump on Friday threw his support behind what he called a "planned partnership" between U.S. Steel and Japan-based Nippon Steel, calling it a job-creating deal.Why it matters: The Biden administration had rejected Nippon's proposed acquisition of U.S. Steel under national security grounds — and Trump had also expressed opposition to an outright sale. U.S. Steel remains an icon of the American economy, albeit a diminished one, its legend indelibly tied to images of rising skyscrapers and bustling factories in the pre-war era.Between the lines: It was not immediately clear what Trump meant by a "partnership," but Nippon had agreed to up its planned investment in U.S. Steel resources."I am proud to announce that, after much consideration and negotiation, US Steel will REMAIN in America, and keep its Headquarters in the Great City of Pittsburgh," Trump said on Truth Social. He said, without providing specifics, that the deal would create "at least 70,000 jobs" and add $14 billion to the economy. Nippon had offered to invest $14 billion into U.S. Steel if the deal was approved."My Tariff Policies will ensure that Steel will once again be, forever, MADE IN AMERICA," Trump said, adding that he'll attend a "BIG Rally" on May 30 to in Pittsburgh.U.S. Steel shares rose more than 21% after the post. Behind the scenes: The Committee on Foreign Investment in the United States — which is charged with assessing the threat of foreign deals for American assets — was set to deliver an opinion on the accord to Trump this week. CFIUS already completed a Nippon-U.S. Steel review under Biden, who blocked the deal, leading to an active lawsuit.Zoom in: Representatives from U.S. Steel, Nippon, CFIUS and the White House did not immediately respond to requests for comment.The bottom line: There's always been a strong argument that this merger doesn't pose much national security risk, as Japan is a strong U.S. ally, Axios' Dan Primack reported this week.

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