Trump backs Nippon Steel ‘partnership’ with US Steel, share price surges 21pc amid hopes of breakthrough

AI Summary

President Trump endorsed a new partnership between US Steel and Japan's Nippon Steel, boosting US Steel's share price by over 21%. Trump claimed the deal, which replaces a previously proposed merger, will preserve US Steel's American ownership and headquarters in Pittsburgh, create 70,000 jobs, and inject $14 billion into the US economy. While details remain scarce, both companies and Nippon Steel praised Trump's involvement. The United Steelworkers union, previously opposed to the merger, reserved comment pending further information.