Just days after President Trump announced his full backing on Truth Social for a partnership between Japan's Nippon Steel and Pittsburgh-based U.S. Steel, CNBC's David Faber reports the mega steel deal is expected to be announced soon. 

According to sources cited by CNBC's Faber, Nippon Steel will acquire U.S. Steel for $55 per share in a deal that keeps U.S. Steel's headquarters in Pittsburgh. Nippon has pledged to invest $14 billion over the next 14 months to support the partnership.

Last Friday, Trump endorsed the deal on Truth Social, stating: "For many years, the name 'United States Steel' was synonymous with greatness—and now, it will be again. This will be a planned partnership between United States Steel and Nippon Steel, which will create at least 70,000 jobs and add $14 billion to the U.S. economy."

While Trump initially criticized the deal, he has since warmed to it because it aligns with America First's policy goals of bolstering domestic supply chains and revitalizing manufacturing.

Former President Biden blocked Nippon Steel's acquisition of U.S. Steel on national security grounds, citing concerns that the deal could threaten critical domestic supply chains.

Sen. Dave McCormick (R-Penn.) told CNBC earlier that U.S. Steel will have an American CEO and that the majority of its board members will be based in the United States. 

 CNBC noted:

The $14 billion that Nippon will invest includes $2.4 billion that will go to U.S. Steel’s operations at Mon Valley outside Pittsburgh, McCormick said. The deal will save 10,000 jobs in Pennsylvania and add another 10,000 jobs in the building trades to add another arc furnace, the senator said.

"It's a national security agreement that will be signed with the U.S. government," McCormick said, adding, "There'll be a golden share that will essentially require U.S. government approval of a number of the board members and that will allow the United States to ensure production levels aren't cut."

In markets, U.S. Steel shares are up 1.5%, pushing into the upper end of the $52 range. More importantly, on a longer-term chart, the stock has broken above the key resistance level near $50—a price area that marked major peaks over a decade ago.

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