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Donald Trump claimed on Friday that a “planned partnership” between Nippon Steel and US Steel would deliver “at least 70,000 jobs” to American workers and inject $14 billion into the economy. But that figure overshoots by a long shot — more than five times the number of employees US Steel currently has in the United States. The number raised eyebrows, not because it was big, but because nobody — not Nippon, not the unions, not the investors — can figure out where the hell he got it from. According to Bloomberg, after over 17 months of negotiations, Nippon Steel believed it had finally secured the $14.1 billion takeover of US Steel, but Trump’s statement muddied the waters. He didn’t actually say the buyout was approved.  He just declared that US Steel would “remain American.” That line, dropped on social media, landed hard and fast. Yet, he gave no specifics, no follow-up from the White House, and no timeline for next steps. Companies scramble for clarity as shares surge Publicly, both Nippon Steel and US Steel cheered what they called a “bold” moment and embraced the idea of a new partnership. But neither addressed the actual takeover deal. US Steel’s stock, meanwhile, jumped as much as 26% in Friday trading and closed 21% higher at $52.01, even though the company had already agreed to a $55 per share buyout in cash back in December 2023. Trump’s approval, if that’s even what it was, contradicts his own words from December, when he wrote that he was “totally against the once great and powerful US Steel being bought by a foreign company.” At the time, that rare stance put him in line with Joe Biden, who blocked the deal in January on the advice of the Committee on Foreign Investment in the United…

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Filed under: News - @ May 26, 2025 12:06 am