Shares of steelmaker US Steel saw a significant surge after President Donald Trump announced his support for a "partnership" with Japan's Nippon Steel. This development is part of an ongoing situation that began in December 2023 when US Steel and Nippon Steel revealed plans for a $14.9 billion merger, which faced strong opposition from unions.

President Trump stated on Truth Social that "US Steel will REMAIN in America, and keep its Headquarters in the Great City of Pittsburgh." He added that the proposed partnership between US Steel and Nippon Steel would generate at least 70,000 jobs and contribute $14 billion to the U.S. economy. Following this announcement, the share price of the Pennsylvania-based company increased by over 21 percent, with further gains in after-hours trading. The specifics of this new partnership remain unclear, as neither company nor the White House has provided additional comments.

The United Steelworkers' union (USW), representing US Steel employees, expressed caution, stating they could not "speculate" on the impact of Trump's announcement without more details. USW International President David McCall voiced concerns that Nippon, a foreign corporation with a history of violating trade laws, might further diminish domestic steelmaking capacity and jeopardize union jobs.

Nippon's acquisition of US Steel was initially expected to conclude by the end of the third financial quarter of 2024 but was delayed by former President Joe Biden, who cited national security concerns. Subsequently, the two companies filed a lawsuit against the Biden administration for "illegal interference" in the transaction.

Earlier in May 2025, President Trump initiated a review of the deal, instructing the Committee on Foreign Investment in the United States (CFIUS) to assess the proposed acquisition. CFIUS, responsible for analyzing the national security implications of foreign takeovers of U.S. companies, was given 45 days to submit its recommendations to Trump.

In other news related to international relations, a meeting between U.S. President Donald Trump and South African President Cyril Ramaphosa occurred. Claims of a “white genocide” in South Africa were deemed “unfounded and unsubstantiated” by South Africa’s police minister. Additionally, reports indicate that President Trump, along with Secretary of State Marco Rubio, is working to restructure the National Security Council (NSC) to reduce the influence of the “deep state.”