US Aluminum and Steel Prices Surge
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President Donald Trump travels to Pittsburgh Friday to celebrate a deal he once vowed to oppose - Japanese steelmaker Nippon Steel’s long-announced plans to buy iconic American steelmaker US Steel.
Paul Donovan, chief economist at UBS Global Wealth Management, told CNN that, while investors increasingly assume that the US will stage a “rapid retreat” from any new tariff threats, “there seems to be less confidence in that being the case this time” over steel.
A planned merger of the Japanese and American giants, announced in 2023, has traveled through an election, two presidents and strong union opposition.
The bulk of expenditures would be made in the next 14 months, he said, and it will create and save over 100,000 American jobs, including 14,000 in Pennsylvania. As part of the deal, U.S. Steel will maintain all its current operating blast furnaces at full capacity for at least the next 10 years.
Mr. Trump celebrated what he calls a partnership between U.S. Steel and Japan-based Nippon on Friday, sharing details about commitments in the partnership and increased tariffs on imported steel.
Fetterman continued to distance himself from his party at an event celebrating bipartisanship.
Nippon Steel investors and analysts are asking if its $15-billion deal to buy U.S. Steel , backed but not yet approved by President Donald Trump, is positive for the near term, even if its hopes for strong U.
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