President Trump announces deal on US steel manufacturing
President Donald Trump will travel to Pennsylvania Friday to announce a major deal between Japan-based Nippon Steel and U.S. Steel.
President Donald Trump will travel to Pennsylvania Friday to announce a major deal between Japan-based Nippon Steel and U.S. Steel.
President Donald Trump will travel to Pennsylvania Friday to announce a major deal between Japan-based Nippon Steel and U.S. Steel.
President Donald Trump will travel to Pennsylvania Friday with plans to announce a major deal between Japan's and .
According to lawmakers briefed on the matter, Nippon would take ownership, investing billions in facilities across the country, including Arkansas, Alabama, Indiana, and Pennsylvania, while maintaining U.S. control over decision-making.
"They're going to invest billions of dollars in steel, and it's a good company. [Nippon] is a very good company," Trump told reporters earlier this week. "It's an investment and it's a partial ownership, but it'll be controlled by the USA."
While details of the partnership remain sparse, lawmakers say the headquarters will stay in Pennsylvania, and the executive suite and board will consist mostly of Americans with veto power over decisions.
Trump and others, like , expressed optimism on the deal, hoping it would preserve national security, domestic supply chains, and jobs in the U.S.
"I'm cautiously optimistic ... after the president's statement," Shapiro said. "There's still no deal signed, and there's still a lot of work that needs to be done."
But the over the lack of details, accusing Nippon of trying to "undercut" the steel industry from inside. It also urged Trump to "shut the door" on the deal.