President Donald Trump on Friday signed an executive order paving the way for a Nippon Steel investment in U.S. Steel, so long as the Japanese company complies with a “national security agreement” submitted by the federal government, the Associated Press reports.
Trump’s order did not detail the terms of the national security agreement, but the iconic American steelmaker and Nippon Steel said in a joint statement that the agreement stipulates that approximately $11 billion in new investments will be made by 2028 and includes giving the U.S. government a “ golden share ” — essentially veto power to ensure the country’s national security interests are protected against cutbacks in steel production.
The companies have reportedly completed a U.S. Department of Justice review and received all necessary regulatory approvals.
