President Trump expressed his approval for Nippon Steel's $14.9 billion bid to take over US Steel, anticipating the deal will create 70,000 jobs and add $14 billion to the US economy. Following his comments on Truth Social, US Steel's shares surged by 21%. Nippon Steel plans to invest significantly in US Steel operations, with a new steel mill in the works. This anticipated merger has drawn attention amid concerns about foreign ownership affecting local jobs, particularly in Pennsylvania where US Steel is based, and reflects ongoing political considerations.
Investors interpreted Trump's comments to mean Nippon Steel had received his approval for its takeover of US Steel, significantly boosting its share price.
Trump’s endorsement of Nippon Steel’s $14.9 billion bid signals confidence in the partnership’s potential to create jobs and benefit the U.S. economy.
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