Trump will hold a rally at U.S. Steel as investors seek clarity on Nippon deal. Here’s what we know
President Donald Trump will hold a rally Friday at a U.S. Steel plant near Pittsburgh, a week after signaling that he had cleared a controversial merger with Japan’s Nippon Steel.
Trump is scheduled to deliver remarks at 5 p.m. ET at U.S. Steel’s Irvin Works in West Mifflin, Pennsylvania, according to the White House. Investors and union members will listen for answers from the president on what shape the deal he announced between U.S. Steel and Nippon will take.
Trump described the deal as a “partnership” in a May 23 post on his social media platform Truth Social. The president said U.S. Steel’s headquarters would remain in Pittsburgh and Nippon would invest $14 billion over 14 months in the more than 120-year-old American industrial icon.
Trump told reporters on Sunday that the deal is an “investment, it’s a partial ownership, but it will be controlled by the USA.” But the White House and the companies have provided little detail to the public on how the deal is structured since Trump’s announcement.
U.S. Steel has described the deal as a “merger” in which it will become a “wholly owned subsidiary” of Nippon Steel North America but continue to operate as separate company, according to an April 8 filing with the Securities and Exchange Commission.
Sources familiar with the matter told CNBC’s David Faber that Nippon is expected to close its acquisition of U.S. Steel at $55 per share, the original offer the Japanese steelmaker made before President Joe Biden rejected the deal in January. Biden blocked Nippon’s proposed acquisition on national security grounds, arguing that it would jeopardize critical supply chains.
But Trump ordered a new review of the deal in April, softening his previous opposition to Nippon buying U.S. Steel. The president announced the “partnership” one day after the Committee on Foreign Investment in the United States was supposed to conclude its review and make a recommendation on whether the companies had found ways to “mitigate any national security risks.”
‘National security agreement’
Pennsylvania Sen. Dave McCormick told CNBC on Tuesday that the U.S. government will have a “golden share” that will allow it to decide on a number of board seats. U.S. Steel will have an American CEO and a majority of the board will come from the U.S. McCormick said.
“It’s a national security agreement that will be signed with the U.S. government,” McCormick told CNBC’s “Squawk Box.” “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.”
Nippon will “have certainly members of the board and this will be part of their overall corporate structure,” McCormick told CNBC. White House Trade Advisor Peter Navarro told reporters Thursday that “Nippon Steel is going to have some involvement, but no control of the company.”
“U.S. Steel owns the company,” Navarro said. U.S. Trade Representative Jamieson Greer told CNBC on Friday that the details of the Nippon Steel deal “remain confidential, relatively.”
“The underlying principle is that the United States should have control over key critical sectors, whether it’s basic manufacturing or high tech,” Greer told “Squawk Box.” “In the event that foreign countries or foreign individuals or firms want to acquire these companies or have large investments, the U.S. has to maintain control of things that matter.”
The United Steelworkers, which originally opposed the deal, has said the union “cannot speculate about the impact” of Trump’s announcement “without more information.”
“Our concern remains that Nippon, a foreign corporation with a long and proven track record of violating our trade laws, will further erode domestic steelmaking capacity and jeopardize thousands of good, union jobs,” USW President David McCall said in a statement.
Anna Barclay | Getty Images
President Donald Trump’s Truth Social platform moved a step closer to having a bitcoin exchange-traded fund available to everyday investors.
NYSE Arca, the all-electronic arm of the New York Stock Exchange that handles most ETF trading, filed on Tuesday to list a bitcoin fund linked to the president’s media company, the latest sign of Trump’s expanding push into the crypto world. Known as a 19b-4 form, the filing is required before regulators can decide whether to allow the fund to launch and trade on a U.S. exchange.
Called the Truth Social Bitcoin ETF, the fund is designed to track the price of bitcoin and offer a simpler way for investors to gain exposure without holding the asset directly. The filing follows an announced partnership between Trump Media and Crypto.com in March to bring a suite of digital asset products to market later this year, pending regulatory approval.
Those planned offerings include baskets of cryptocurrencies, such as bitcoin and Crypto.com’s native Cronos token, combined with traditional securities. The products will be branded under Trump Media and made available to global investors through major brokerage platforms and the Crypto.com app, which serves more than 140 million users worldwide.
Since the January 2024 launch of spot bitcoin ETFs, the market has swelled to more than $130 billion in total assets. BlackRock‘s iShares Bitcoin Trust (IBIT) accounts for the lion’s share, with nearly $69 billion in assets, making it the largest digital asset manager in the world.
Trump is the majority owner of Truth Social’s parent company, Trump Media & Technology Group, which has made a series of crypto-aligned moves in recent months — from trademarking digital asset products to unveiling a $2.5 billion bitcoin treasury plan last week in Las Vegas. If approved, the ETF would represent one of the most politically connected entries into the booming market for bitcoin funds.
WATCH: SEC Commissioner Peirce on dropping Binance case: We’re writing the rules first, then enforcing
The third of a quintet of West Virginia solar farms just came online, and while that’s a renewable milestone, there’s a disappointing hitch.
3 out of 5 West Virginia solar farms are online
FirstEnergy subsidiaries Mon Power and Potomac Edison have launched a 5.75 megawatt (MW), 17,000-panel solar farm at Marlowe in Berkeley County. The new solar farm sits on about 36 acres of land along I-81 and the Potomac River – land that used to store ash from the retired R. Paul Smith Power Station.
In 2022, FirstEnergy wrapped up a major cleanup effort, pulling more than 3 million tons of ash from the site to be reused in cement manufacturing. With the landfill officially closed, the company cleared the way to turn the former waste site into a clean energy generator as part of its solar program. Fifty-four local union workers constructed the solar farm, which features US-made solar panels, a racking system, and electrical equipment.
It’s the third of Mon Power and Potomac Edison’s five solar farms that will generate up to 50 MW of clean energy combined. The companies completed their first solar farm at Fort Martin Power Station (18.9 MW) in early 2024, and their Rivesville solar site (5.5 MW) came online last fall. In total, the companies now have 30 MW of solar capacity.
Electrek’s Take
Combined, the five projects will create more than 87,000 Solar Renewable Energy Credits (SRECs) available for purchase by customers for 4 cents per kilowatt hour in addition to normal rates. Aside from the essential benefit of cutting carbon emissions, there isn’t anything else in it for customers, apart from spending, on average, an extra $40 or so a month out of the goodness of your heart to go solar. Heck, you don’t even get a T-shirt.
Mon Power and Potomac Edison – why are customers being charged MORE to buy into solar in West Virginia? That’s a stick, not a carrot. (And WV? Coal’s not coming back. It doesn’t matter what Trump says.)
But solar growth anywhere is something to be cheerful about, and solar energy in coal-state West Virginia is progressing. According to the Solar Energy Industries Association, as of Q4 2024, 205 MW of solar is installed in West Virginia. So, it’s no surprise that it’s at the bottom – it’s ranked 49th in the US for the amount of solar installed. However, it’s projected to reach 40th place over the next five years with 1,064 MW, so at least it’s expected to improve.
To limit power outages and make your home more resilient, consider going solar with a battery storage system. In order to find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and you share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*
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Is the Kia EV4 GT the affordable electric sports car we’ve been waiting for? Kia’s first global electric sedan is about to get a sporty upgrade. After the EV4 GT was spotted in public, we’re finally getting a glimpse of the interior.
Kia EV4 GT spotted, revealing first look at the interior
The EV4 arrives as one of the most highly anticipated electric cars of 2025. After opening orders in Korea earlier this year, Kia will launch it in Europe later this year and the US in 2026.
Kia’s electric sedan starts at just 41.92 million won, or around $30,000 in Korea. Although prices for Europe and North America have yet to be revealed, the entry-level EV is expected to start at around $35,000 to $40,000.
Despite its typical four-door design, Kia labels it as an “entirely new type of EV sedan” with a wide stance and fastback silhouette.
Although the EV4 already has that sports car look, Kia is about to introduce an upgraded GT variant that could be a true Tesla Model 3 Performance challenger.
Who could forget the EV6 GT? It hit the market in 2022 as “the most powerful Kia production vehicle ever.” With 576 hp, the high-performance EV could hit 0 to 60 mph in just 3.4 secs, faster than the average Ferrari or Lamborghini.
With significant advancements in battery technology, powertrain, and other areas over the past few years, the EV4 GT will likely offer even more.
The EV4 GT was spotted outside Kia and Hyundai’s facility in Korea, and a few spy photos give us a glimpse of the interior for the first time.
The new video from HealerTV reveals a few interior upgrades the GT model will get over the standard EV4. As you can see, it resembles the EV9 GT interior almost identically. The only slight difference that we can see is the different material on the upper part of the seating.
Like the EV6 GT and EV9 GT, the EV4 GT will also include an adjustable ambient lighting feature, allowing you to customize the interior color and brightness.
Although it’s covered, the EV4 GT is expected to feature Kia’s new ccNC infotainment system. The panoramic curved display includes dual 12.3″ driver and navigation screens.
The exterior is likely to receive a more aggressive front-end design and larger wheels, similar to those of other Kia GT vehicles. Although the final specifications have yet to be revealed, the EV4 GT is expected to feature an all-wheel-drive (AWD) dual-motor powertrain.
In Korea, the EV4 is available in two battery options: 58.2 kWh and 81.4 kWh, offering a driving range of 237 miles or 331 miles (533 km). The GT variant is likely to use the larger 81.4 kWh battery pack, similar to other GT models.
Kia will launch the EV4 in the US next year, featuring a built-in NACS port to access Tesla Superchargers and an EPA-estimated driving range of up to 330 miles. Prices will be revealed closer to launch, but the EV4 is expected to start at around $35,000 to $40,000. The GT variant could cost upwards of $50,000 to $55,000, with the 2025 Kia EV6 GT starting at $63,800.
The Tesla Model 3 Performance starts at $54,990 in the US with 298 miles range and a 0 to 60 mph time in 2.9 seconds.
Will the Kia EV4 GT match it? Let us know your thoughts in the comments.
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