TOKYO (dpa-AFX) - President Donald Trump says the United States will have control over U.S. Steel as part of a $14 billion investment deal with Nippon Steel that he announced on Friday.
'I am proud to announce that, after much consideration and negotiation, U.S. Steel will REMAIN in America, and keep its Headquarters in the Great City of Pittsburgh,' Trump wrote in a statement posted on his social media platfom Truth Social.
'This will be a planned partnership between United States Steel and Nippon Steel, which will create at least 70,000 jobs, and add $$14 Billion to the U.S. Economy,' he added.
The investment will take place in the next 14 months, according to Trump.
As the media sought clarity on the agreement as he left for Washington Sunday, Trump said, 'It will be controlled by the United States, otherwise I wouldn't make the deal.'
'It's an investment and it's a partial ownership, but it will be controlled by the USA,' he told reporters.
U. S. Steel said 'President Trump is a bold leader and businessman who knows how to get the best deal for America, American workers and American manufacturing'.
'U. S. Steel will remain American, and we will grow bigger and stronger through a partnership with Nippon Steel that brings massive investment, new technologies and thousands of jobs over the next four years,' the steelmaker said in a statement.
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