President Trump, Sen. McCormick reveal new details of US Steel-Nippon deal

PITTSBURGH — President Donald Trump announced that he will host a rally in the Mon Valley on Friday. This announcement follows the confirmation that Japan’s Nippon Steel acquired U.S. Steel last week.

On Friday, President Trump took to his social media platform, Truth Social, to discuss the deal between Nippon Steel and U.S. Steel. Over the weekend, he referred to the agreement as a “partnership” and an “investment.”

“It’s an investment and a partial ownership, but it will be controlled by the U.S.,” Trump stated.

He mentioned that local leaders urged him to close the deal, saying, “I went to all of the local unions; they all wanted it. I am doing it because five congressmen are in concurrence, and they asked that I do it. Everybody seems to want it.”

A closer examination of the agreement reveals that a deal previously blocked by former President Joe Biden due to national security concerns was finalized on Friday afternoon, with Nippon Steel acquiring U.S. Steel for $55 per share. President Trump noted that Nippon Steel will invest $14 billion over the next 14 months and confirmed that the headquarters will remain in Pittsburgh.

Pennsylvania Senator Dave McCormick appeared on CNBC Tuesday morning to share new details about the merger. McCormick stated that the deal would save 10,000 jobs and create an additional 10,000 construction jobs for building a new arc furnace.

He explained that U.S. Steel will have an American CEO, and a majority of its board members will be from the U.S.

“It’s a national security agreement that will be signed with the U.S. government,” McCormick told CNBC. “There will be a ‘golden share’ that will essentially require U.S. government approval for several of the board members, ensuring that production levels aren’t cut.”

Channel 11 reached out to the senator for an interview but did not receive a response.

As we first reported Friday, U.S. Steel Workers Union President David McCall expressed concerns from workers regarding the merger, stating that it could “jeopardize good union jobs.” McCall shared this statement on Tuesday:

“We can’t speculate about the government’s reported ‘golden share’ or anything about the announced ‘partnership’ without more information. U.S. Steel is a critical producer in a vital domestic industry, and our concerns about Nippon, a foreign corporation with a long track record of violating U.S. trade laws, remain undiminished.”

Exact details for the president’s rally in the Mon Valley on Friday have not yet been announced.

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