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Futures tracking the prices U.S. manufacturers pay for aluminum and steel surged after President Donald Trump said he will double tariffs on the metals this week.

President Donald Trump told Pennsylvania steelworkers he’s doubling the tariff on imported steel and aluminum to 50% to protect their industry.

President Donald Trump is holding a rally in Pennsylvania on May 30 to celebrate a details-to-come deal for Japan-based Nippon Steel to invest in U.S. Steel.

The U.S. government is poised to receive a so-called golden share in U.S. Steel as a condition for approving Nippon Steel's proposed acquisition of the American company.

President Donald Trump said U.S. Steel will keep its headquarters in Pittsburgh in a possible signal that he’ll approve a bid by Japan-based Nippon Steel to invest in the steelmaker.

The comments are likely a final salvo from David McCall, who has stood in opposition of U.S. Steel’s proposed sale to the Japanese suitor since the deal was announced in December 2023.

Nippon Steel has bolstered its pledge to invest in U.S. Steel in the event that President Donald Trump approves the Japanese company’s proposed $14.1 billion takeover.

Nippon Steel plans to invest $14 billion in U.S. Steel if the Trump administration approves the merger of the companies, Reuters reported.

Nucor, the biggest steel manufacturer in North America, shut down production at some of its facilities after detecting an unauthorized intrusion into its computer systems.

U.S. Steel shares dropped after President Donald Trump on consecutive days reiterated his long-held position that he doesn’t want to see the steelmaker owned by a Japanese company.