May 30 (UPI) — President Donald Trump is visiting a steel plant outside of Pittsburgh on Friday, where he is expected to tout a previously-announced deal between Japan’s Nippon Steel Corporation and the United States Steel Corporation.
Trump’s rally is scheduled to start at 5 p.m. EDT at the U.S. Steel facility in Allegany County, Pa.
One week ago, Trump announced a “planned partnership,” between the two steel giants, promising the U.S. Steel headquarters would remain on American soil rather than shift to Japan.
This week, CNBC reported Tokyo-based Nippon Steel will pay $55 per share to acquire U.S. Steel, citing sources familiar with the deal.
Pittsburgh-based U.S. Steel was in the red slightly on Friday. Shares fell $0.21 or 0.39% to $53.02 as of 11 a.m. EDT.
Days before leaving office in January, former President Joe Biden blocked Nippon Steel’s proposed $14.1 billion acquisition of U.S. Steel, which was founded in 1901.
Biden cited national security concerns when rejecting the deal involving the second-largest American steel producer and Japan’s largest.
Both firms later filed separate federal lawsuits in the District of Columbia and in Pennsylvania to move the deal ahead, citing “unlawful political influences.”
In April, Trump issued an executive order directing a review of the acquisition by the Committee on Foreign Investment in the United States, a branch of the U.S. Department of the Treasury. U.S. Steel stock surged at the time, climbing more than 10% in a single day.
The president has said the deal will have a major positive economic impact.
The deal “will create at least 70,000 jobs, and add $14 Billion Dollars to the U.S. Economy. The bulk of that Investment will occur in the next 14 months,” Trump said on Truth Social last week.
He also teased Friday’s rally at U.S. Steel’s Irvin Works factory.
“President Trump is a bold leader and businessman who knows how to get the best deal for America, American workers and American manufacturing,” Trump said in a statement to The Hill on Friday.
“U. S. Steel greatly appreciates President Trump’s leadership and personal attention to the futures of thousands of steelworkers and our iconic company.”
