✎ Contributed by Ty Griffin
President Donald Trump visited Pittsburgh on May 30, 2025, to celebrate a proposed partnership between U.S. Steel and Japan’s Nippon Steel, a deal he had previously opposed. During a rally at U.S. Steel’s Irvin Works in West Mifflin, Pennsylvania, Trump announced plans to double tariffs on imported steel and aluminum from 25% to 50%, effective June 4.
The proposed $14.9 billion deal, initially blocked by President Joe Biden over national security concerns, has been restructured to maintain U.S. Steel’s headquarters in Pittsburgh and ensure American control through a U.S.-majority board and a “golden share” giving the U.S. government veto power over key decisions.
Trump touted the deal as a victory for American workers, promising no layoffs, $5,000 bonuses for employees, and full operation of all U.S. Steel blast furnaces for at least the next decade.
Market Reaction
The announcement led to significant gains in steel stocks:
- United States Steel Corp. (NYSE: X): $53.63, down $0.19 (0.35%)
- Nucor Corp. (NYSE: NUE): $121.90, up $12.54 (11.46%)
- Cleveland-Cliffs Inc. (NYSE: CLF): $7.49, up $1.66 (28.39%)
- Steel Dynamics Inc. (NASDAQ: STLD): $136.98, up $13.91 (11.30%)
- Commercial Metals Co. (NYSE: CMC): $50.54, up $3.95 (8.48%)
Analysts attribute the surge to expectations of higher domestic steel prices and increased demand resulting from the tariff hike. However, concerns remain about potential retaliatory tariffs and increased costs for industries reliant on steel and aluminum.
Union Response
The United Steelworkers union expressed skepticism about the deal, noting they were not consulted and questioning whether the “planned partnership” differs meaningfully from the previously proposed acquisition.
While Trump hailed the agreement as a boon for American manufacturing, the lack of detailed information and union involvement has led to ongoing debate about the deal’s implications for workers and national security.
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