Trump says US Steel will keep HQ in Pittsburgh as part of 'partnership' with Japan-based Nippon

Washington, May 23 (AP) President Donald Trump said on Friday that US Steel will keep its headquarters in Pittsburgh as part of what he called a “planned partnership” between the iconic American steelmaker and Japan-based Nippon Steel, which has sought to buy it.

Nippon Steel's nearly USD 15 billion bid to buy US Steel was blocked by former President Joe Biden and, after Trump became president, subject to another national security review by the Committee on Foreign Investment in the United States.

Trump said in a statement that “after much consideration and negotiation, US Steel will REMAIN in America, and keep its Headquarters in the Great City of Pittsburgh.” What Trump called a “planned partnership” will create at least 70,000 jobs and add USD 14 billion to the US economy, he said, although it wasn't clear what the terms of the deal would be or who would own U.S. Steel under the arrangement.

The companies didn't immediately comment. (AP) RHL

Source: PTI