Under the announced agreement, U.S. Steel will retain its name and headquarters in Pittsburgh. The steel will continue to be "mined, melted and made" in the United States, the companies said.

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The Trump administration will soon ensure that its 50% steel tariffs, which have threatened to make everything containing steel more expensive, will apply to your next fridge or dishwasher.

In February, Trump said that Nippon Steel would look to invest in U.S. Steel, rather than own the iconic American company. Trump doubled U.S. tariffs on steel imports to 50% on June 4.

US tariffs on steel and aluminum doubled to 50% as of 12:01 am ET on Wednesday, a move cheered by the beleaguered US steel industry but decried by heavy users of the metals, from car makers to can ...