On May 24, the Trump administration approved Nippon Steel’s $14.9 billion acquisition of U.S. Steel Corporation. The deal will create the world’s third-largest steel producer, driving $14 billion in domestic investment and 70,000 jobs. Nippon Steel’s commitment to retaining 90% of jobs and investing in clean steelmaking technologies has alleviated previous concerns from labor unions, marking a milestone in U.S.-Japan industrial cooperation and a key step in the transformation of the U.S. steel industry from traditional blast furnaces to arc furnaces.