President Donald Trump on Friday approved the merger between U.S. Steel and Japan’s Nippon Steel, according to CNBC. The move reverses President Joe Biden’s earlier decision to block the $14.9 billion acquisition on national security grounds. In a post on Truth Social, Trump said the planned partnership would create at least 70,000 jobs and add $14 billion to the U.S. economy. Trump said U.S. Steel’s headquarters will stay in Pittsburgh, with most investment occurring over the next 14 months. U.S. Steel shares rose more than 20%, following the announcement.
