Trump Approves Nippon Steel's Acquisition of US Steel

WASHINGTON DC, Jun 14 (News On Japan) - Nippon Steel has announced that former President Trump has approved its planned acquisition of US Steel. On June 13th, Nippon Steel stated that Trump had given his approval to the "partnership" with US Steel. According to Nippon Steel executives, this effectively means Trump has authorized the full acquisition, making US Steel a wholly owned subsidiary.

Nippon Steel and US Steel also revealed that they have concluded a "national security agreement" with the US government to address security concerns. Under the agreement, the US government will hold special shares known as "golden shares," granting it veto power over key management decisions, including the appointment of US Steel's board members.

The agreement includes commitments by Nippon Steel to invest approximately 11 billion dollars, or about 1.6 trillion yen, by 2028, along with provisions covering domestic production and trade arrangements.

Prior to Nippon Steel's announcement, Trump had signed a presidential order revising a previous directive issued by former President Biden in January, which had blocked the acquisition. Trump's order stipulated that approval of the deal would require the conclusion of a national security agreement with the US government.

Source: TBS

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