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Shares of US Steel (X) jumped more than 20% late Friday after US President Donald Trump voiced support for its deal with Nippon Steel. (5401.T, NPS.F) Learn more about the comments in the video above.
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breaking news. Now to tell you about right out of Washington, a steel deal getting closer here. President Trump says he supports a partnership between United States Steel and Japanese company Nippon Steel. He stressed the stressed that the collaboration would keep the firm in the US headquartered in Pittsburgh. Trump says the partnership would create at least 70,000 jobs and add $14 billion to the US economy. And the Wall Street Journal has been reporting that Nippon Steel had been in discussions with the US government and Nippon had offered some of these concessions, right, possibly building a plant in the United States and also doubling its spending plan here.
Yeah, I mean, initially, of course, Trump was was not a fan of this takeover and remember, Julia, I mean, this became such a this became a real issue on the campaign trail, Pennsylvania. Um, and then he comes back into the White House and he made it clear, you know, he wanted Nippon. Okay, you need to start showing some investments in US Steel. Well, he made that clear that was a priority and they've promised to do that.
I'll be curious to hear as well what the steel makers union has to say about this. Because all along they have been resistant to this deal happening. Even as US Steel said, listen, if we don't get this deal, we might have to shut down. We certainly would have to cut back on jobs. So that'll be an interesting part of the equation to see what they have to say. Right. Yeah.
Yeah. We'll we shall see.
