{{articledata.title}}

U.S. President Donald Trump has thrown his support behind %NipponSteel (OTC: $NISTF ) of Japan's $14.90 billion U.S. takeover of U.S. Steel (X).

Heading into the Memorial Day weekend in America, Trump said on social media that the "planned partnership" between the two steel producers will create 70,000 new jobs.

In supporting the deal, Trump also said that the acquisition of U.S. Steel will add $14 billion U.S. to the American economy.

The president later said over the weekend that America will have control over U.S. Steel as part of the takeover by Nippon.

It is still unclear whether "partnership" refers to the full acquisition of U.S. Steel that Nippon has been pursuing for the better part of a year.

Japan's government has also supported the acquisition of U.S. Steel by Nippon and praised President Trump for throwing his support behind the deal.

The merger, if approved by regulators, would create the world's third-largest steel producer by volume, after China's Baowu Steel Group and Luxembourg-based ArcelorMittal (MT).

The previous administration of U.S. President Joe Biden had opposed the takeover of U.S. Steel, saying it is not in America's economic interest.

Shares of Nippon Steel, the world's fourth-largest steelmaker, rose 7.4% to 3,081 yen ($21.55 U.S.) on Tokyo's main stock exchange.

U.S. markets are closed on May 26 for the Memorial Day holiday. However, U.S. Steel's stock has risen 60% this year to $52.01 U.S. per share on expectations the takeover will be approved.