During a press briefing on Monday, Gov. Josh Shapiro (D-PA) was asked about President Trump announcing he would lift the ban on U.S. Steel's merger with Japanese firm Nippon.
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00:00What's the latest, as you know it, after Friday's rally?
00:03Yeah, I think the ball is in the president's court.
00:06He made his big announcement in Pittsburgh on Friday.
00:11And look, I'm obviously quite pleased that we're going to be able to protect steelmaking here in the Commonwealth of Pennsylvania.
00:18But no one has signed the documents for Nippon to acquire U.S. steel.
00:22The president, I think, acknowledged when he landed back in, I believe he was in D.C., that he has yet to review the final document.
00:30He has yet to sign off.
00:32Why is that important?
00:33Because this deal requires the approval of something known as CFIUS, which is a federal process that only the president of the United States can sign off on.
00:42Obviously, we know then-President Biden did not sign off on it.
00:46So the president's given us every indication he will sign off on it.
00:49And then U.S. steel and Nippon will have to sign the documents for that acquisition.
00:54And then we go forward.
00:55The key here is we're going to protect steelmaking in Pennsylvania.
00:59It will not just be something we read about in the history books.
01:02It will be something that is part of a growing industry in the Commonwealth.
01:05And that is critically important.
01:07And I've been working for the last year and a half with all parties involved, U.S. steel, Nippon, the federal government, President Biden, President Trump, and many others to try and get this done.
01:17And so I'm grateful to all of the people who have been around the table to work on this, grateful to Senator McCormick, who played a leading role in it, grateful to many folks who got this done.
01:29And hopefully the documents will be signed real soon and the dollars will start flowing, the investments will be made, and we'll be hiring a lot more steel workers in Pennsylvania.
01:37Thanks, everybody.