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.

The $14.9 billion acquisition of U.S. Steel Corp $X by Japan’s Nippon Steel Corp $5401.T received unexpected support from former U.S. President Donald Trump, who praised the deal in a post on Truth Social. Trump described the transaction as a "planned partnership" that could create over 70,000 U.S. jobs and inject $14 billion into the American economy.