Trump touts ‘planned partnership’ between U.S. Steel and Nippon Steel, signaling potential approval of Japanese company’s buyout bid

President Donald Trump said Friday that U.S. Steel will keep its headquarters in Pittsburgh as part of what he called a “planned partnership” that seemed to signal that he’ll approve a bid by Japan-based Nippon Steel to buy the iconic American steelmaker.

Still, Trump’s statement left it vague as to whether he is approving Nippon Steel’s bid after he vowed repeatedly to block it. But investors seemed to take it as a sign that he would approve it, sharply pushing up U.S. Steel’s shares.