04:55 PM EDT, 05/23/2025 (MT Newswires) -- President Donald Trump has approved Nippon Steel's acquisition of United States Steel ( X ) , Nikkei reported Friday, quoting unnamed White House sources.

Trump said Friday in a post on Truth Social that US Steel will remain in the US and keep its headquarters in Pittsburgh after a "planned partnership" with Japan's Nippon Steel.

The partnership between the two steelmakers will "create at least 70,000 jobs" and will add $14 billion to the US economy, Trump said in the post.

Trump said he will be at US Steel headquarters in Pittsburgh on May 30 for a rally.

US Steel didn't immediately respond to a request for comment by MT Newswires.

US Steel shares jumped past 3% in recent after-hours activity.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)