Donald Trump, President of the United States, signed an executive order on the 13th (local time) allowing Nippon Steel to invest in US Steel, according to a report by the Associated Press.
However, the order is conditional on compliance with the "national security agreement" presented by the US government. The specific details of the national security agreement were not disclosed.
In a joint statement, US Steel and Nippon Steel announced that Nippon Steel will invest approximately $11 billion (about 15.0458 trillion won) by 2028, and that the agreement includes granting the US government a "golden share," which gives it veto rights if it determines that national security interests are being compromised.
In the statement, both companies said, "We are grateful for President Trump and his administration's bold leadership and for their strong support of our historic partnership," adding, "This partnership will bring significant investment that will help families in our communities and for generations to come."
The companies also stated that they have completed a review by the US Department of Justice regarding this investment and have obtained all necessary regulatory approvals.
However, the companies did not disclose the specific method of granting the golden share to the US government or provide further details about the investment.
The previous day, President Trump commented on Nippon Steel's negotiations to acquire US Steel, stating that he has "full control" over the matter and that "51% ownership remains with the United States."
Previously, in December 2023, Nippon Steel had proposed to acquire US Steel for $15 billion, but the United Steelworkers union and others opposed the deal, leading the previous Joe Biden administration to issue an order blocking the acquisition.
After taking office, President Trump ordered a review of former President Biden's decision in April and received a report on the matter from the Committee on Foreign Investment in the United States (CFIUS) on May 21.
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