On October 23, U.S. President Trump publicly declared his support for a collaboration plan between Nippon Steel and U.S. Steel, highlighting that this partnership is expected to generate at least 70,000 jobs and provide a $14 billion economic benefit, marking Pennsylvania's largest investment in history.

This announcement led to a 24% surge in U.S. Steel's stock price. Originally, the plan involved Nippon Steel’s acquisition of U.S. Steel, which was blocked earlier this year by then-President Biden citing national security concerns. Trump had previously expressed that he would have immediately halted the acquisition if he were president, but his stance has shifted since Biden took office.

Trump stated that, following extensive reviews and discussions, U.S. Steel will remain headquartered in Pittsburgh. His tariff policy will ensure that steel products are once again, and forever, 'Made in America.' Nippon Steel responded positively, emphasizing that this cooperation aligns with the interests of American labor, the steel industry, and national security, potentially becoming a significant turning point for U.S. manufacturing.

However, there is still public concern over whether Trump is merely supporting collaboration and investment or has officially approved the acquisition. Reports from media outlets like Politico and The Washington Post suggest that Trump has agreed to this acquisition, but the White House has not made a formal announcement yet. The acquisition has been a contentious topic in U.S. politics since it was made public in December 2022, with both Trump and Biden stressing that U.S. Steel should remain U.S. owned while being open to increased investments.