Japan PM Ishiba echoes Trump that Nippon Steel will invest in US Steel

FILE PHOTO: U.S. President Donald Trump welcomes Japanese Prime Minister Shigeru Ishiba at the White House in Washington, U.S., February 7, 2025. REUTERS/Nathan Howard/File Photo

Japanese Prime Minister Shigeru Ishiba said that Nippon Steel Corp. will be investing in United States Steel Corp., which will remain an American company.

“This isn’t a simple purchase of US Steel,” Ishiba said Sunday, in a program on public broadcaster NHK. “It will continue to be an American company, managed by Americans and have American employees.”

His remarks echoed US President Donald Trump’s earlier comments that Nippon Steel has agreed to invest in US Steel, instead of pursuing an outright purchase. The recent announcements by the two world leaders are strengthening the case that a merger is unlikely, disappointing those who had hoped Trump would have a change of heart, and reverse his predecessor’s January decision to block the deal.

Given US Steel used to be one of the world’s largest companies, if a Japanese company were to purchase it, it would “touch a nerve,” Ishiba said. He added he can’t comment on the actual investment amounts given that it’s a private sector matter, but indicated that Nippon Steel could improve the quality of US Steel’s products through investment.

“It appears it’s important for President Trump that US Steel remains an American company and that it creates high-quality products,” Ishiba said.