Japanese steel giant Nippon Steel $5401.T has been pursuing the acquisition of U.S. Steel $X for over a year and a half. The potential $15 billion cross-border transaction has encountered resistance from American labor unions and has undergone two national security reviews. This week, the long-simmering deal took a potentially decisive turn as former U.S. President Donald Trump is set to lead a rally in Pittsburgh, Pennsylvania, the city where U.S. Steel is headquartered.

Former U.S. President Donald Trump’s public endorsement of Nippon Steel’s $5401.T proposed $14.9 billion acquisition of U.S. Steel Corporation $X has injected fresh momentum into the controversial cross-border deal. Trump's remarks emphasized the potential economic benefits and job creation tied to the transaction, intensifying scrutiny of both its strategic rationale and the long-term implications for industrial policy and U.S.-Japan corporate relations.