US president Donald Trump signed an executive order Friday approving a partnership between US Steel and Nippon Steel after the companies reached agreement on US national security guarantees.
The deal brings an end to the long-running saga over foreign ownership of a key national asset which began in December 2023, when US Steel and Nippon Steel announced plans for a $14.9 billion merger.
Nippon鈥檚 acquisition of US Steel was held up by former president Joe Biden, who blocked it in his last weeks in the White House on national security grounds.
Trump initially opposed Nippon Steel鈥檚 takeover plan, calling for US Steel to remain domestically owned, but he threw his support behind a 鈥榩artnership鈥� in May.
鈥楿S Steel will REMAIN in America, and keep its Headquarters in the Great City of Pittsburgh,鈥� the US president said in a Truth Social post.
