In a pivotal meeting at the White House on Thursday, President Donald Trump met with US Steel CEO David Burritt to discuss the company’s ongoing challenges and a proposed acquisition by Japan’s Nippon Steel.
The struggling steel giant has been at the center of debate since former President Joe Biden blocked a $14.9 billion buyout bid by Nippon Steel, citing national security concerns.
Although the details of Trump’s meeting with Burritt remain undisclosed, it is clear that US Steel is seeking support as it navigates an uncertain future. Nippon Steel has expressed its commitment to acquiring the American steelmaker, touting a modernization plan that aligns with Trump’s agenda to boost US manufacturing and economic growth.
Nippon Steel’s bid includes a $2.7 billion investment to upgrade US Steel’s facilities in Pennsylvania and Indiana. The Japanese company has promised to maintain the US Steel brand, headquarters, and workforce until at least 2026. Vice Chairman Takahiro Mori described the deal as a “win-win” for both nations and expressed optimism that Trump’s upcoming meeting with Japanese Prime Minister Shigeru Ishiba would help advance discussions.
“We are convinced that our acquisition plan is the best for US Steel,” Mori said. “It contributes to President Trump’s goals of promoting US investment, creating jobs, and strengthening the manufacturing sector through advanced technology transfers.”
Despite Nippon’s assurances, Trump has consistently voiced concerns about foreign ownership of key American industries.
“I am totally against the once great and powerful US Steel being bought by a foreign company, in this case, Nippon Steel of Japan,” Trump stated last year.
US Steel has faced mounting financial difficulties and warned that without external investment, it may be forced to close facilities in Pennsylvania and Indiana or relocate its headquarters from Pittsburgh. CEO David Burritt emphasized the company’s limited resources to modernize without the proposed deal, raising concerns about potential job losses and reduced competitiveness.
However, the United Steelworkers union remains opposed to the acquisition. USW International President David McCall criticized Nippon Steel, labeling it a “serial trade cheater” that has historically undermined the US steel market through unfair trade practices.
The Committee on Foreign Investment in the United States (CFIUS) had previously reviewed the deal under Biden’s administration but failed to reach a consensus on national security risks. Biden ultimately rejected the bid, citing the strategic importance of a domestically owned steel industry.
Nippon Steel and US Steel have since filed a lawsuit challenging the decision, arguing that the acquisition would bolster the US steel industry and enhance national security by strengthening domestic supply chains against global competitors, particularly from China.
Reuters and FOX Business contributed to this report.
