On May 30, 2025, President Donald Trump visited U.S. Steel's Irvin Works in West Mifflin, Pennsylvania, where he presented the company with a gold helmet bearing his name. This visit coincided with the announcement of a partnership between U.S. Steel and Japan's Nippon Steel, underscored by a national security agreement approved via an executive order issued by Trump.
The agreement, which allows the U.S. government a "golden share," is intended to assure that the partnership adheres to certain governance, domestic production, and trade commitments. Specific details regarding the extent of the U.S. government's control through this golden share remain unclear. According to a joint statement from U.S. Steel and Nippon, all necessary regulatory approvals have been secured, with finalization of the partnership expected soon.
Nippon Steel is committed to investing $11 billion in new projects by 2028, part of which includes a greenfield project slated for completion after that date. Trump emphasized the government's control aspect, suggesting that the golden share would enable oversight of board positions, while also maintaining that U.S. Steel would remain under U.S. control.
Initially opposing the sale during the 2024 presidential campaign due to concerns about foreign acquisitions, Trump shifted his stance following his election. His administration is currently engaged in trade negotiations with Japan, and he assured workers that the partnership would not lead to job losses or outsourcing.
In his remarks, Trump also announced an increase in U.S. tariffs on steel imports, raising them to 50%, effective June 4. He highlighted the potential benefits of the partnership for U.S. Steel workers, including a $5,000 bonus and assurances of operational stability for the company’s facilities.