Former President Donald Trump said Sunday that the U.S. will retain control over U.S. Steel as part of its $14 billion merger with Japan’s Nippon Steel. The deal includes up to $4 billion in new investments and is expected to create 70,000 jobs.
“It will be controlled by the United States, otherwise I wouldn’t make the deal,” Trump said, adding that it’s “an investment and a partial ownership.”
Announced Friday, the merger would make the combined entity the world’s third-largest steel producer by volume, after China’s Baowu Steel and ArcelorMittal of Luxembourg.Investors expect U.S. Steel to eventually go private, receiving a cash payout. The deal has stirred political debate due to concerns about foreign control and its impact on jobs in Pennsylvania, where U.S. Steel is headquartered.