US merger with Nippon Steel finalized after Trump approves merger

U.S. Steel and Japan’s Nippon Steel announced Wednesday morning that they have entered into a historic agreement together, days after President Donald Trump approved the merger.

The $14.1 billion deal is expected to create more than 100,000 jobs in the steelmaking industry, the corporations said in a joint statement. Nippon will make at least $11 billion in new investments in U.S. Steel by 2028, which includes initial spending on a greenfield project that will be completed after 2028.

“I am very pleased that the partnership between Nippon Steel and U.S. Steel has been realized thanks to President Trump’s historic and visionary decision,” said Nippon Chairman and CEO Eiji Hashimoto.