Speaking of union jobs, Biden shunned Nippon Steel’s bid to buy faltering U.S. Steel and keep American steel mills operating with union workers. The bogus national security objections never made sense, because combining our strength in a key strategic industry with an ally will help check Chinese ambitions to corner the global steel market, as we noted in a paper last year.

Trump has wisely negotiated a deal structure that would facilitate a multi-billion dollar capital investment and infusion of technology and operational know-how from Nippon, but maintain American control and strategic oversight over US Steel.

Reuters reported yesterday that the deal may now be back on track and now includes a commitment to open a brand-new American steel production facility:

We can report some additional details exclusively here in the HOTLINE.  Under the latest iteration of the proposed deal:

• • • US Steel remains headquartered in Pittsburgh as a US-incorporated entity with a majority US-citizen board, and independent US directors subject to government veto.
    • Nippon Steel commits $25 billion by 2028, with $11 billion for capital projects revitalizing facilities in multiple states, and a $14 billion purchase price, protecting and creating 70,000 jobs.
    • Pittsburgh’s Mon Valley Works is modernized and stays open, preserving Pennsylvania’s steel legacy, as supported by local union leaders and President Trump in October 2024.

If these terms are accurate, President Trump may be on the cusp of a deal that safeguards American national security, increases U.S. steel production, and protects American jobs. Who could object?