President Trump approved US Steel’s merger with Nippon in a Friday executive order after previously lauding the partnership in late May.
The president touted the deal after both companies signed on to a National Security Agreement (NSA) under which they agreed to collectively invest $11 billion nationwide within the next three years, in addition to an initial greenfield project commitment to be completed after 2028.
“This partnership will bring a massive investment that will support our communities and families for generations to come,” the companies wrote in a Friday statement.
“We look forward to putting our commitments into action to make American steelmaking and manufacturing great again," they added.
The deal comes after former President Biden rejected a merger between US steel with the Japanese steelmaker during his last months in office, citing concerns with national interest following a yearlong review.
However, the Trump administration said the deal would bring the U.S. a “golden share” in corporate profits.
“We have a golden stock. We have a golden share, which I control, or the president controls,” Trump said Thursday at the White House. “That gives you total control.”
Last month, Sen. Dave McCormick (R-Pa.) said the NSA will require U.S. government approval of a number of the company’s board members, which will allow the U.S. to ensure production levels aren’t cut.
Trump also said in late May that the headquarters would remain in Pittsburgh, stating that the deal would create 70,000 jobs nationally and add $14 billion to the U.S. economy as part of the takeover.
U.S. Steel noted it would become a “wholly owned subsidiary” in April filings with the Securities and Exchange Commission.
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