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US Steel Merger With Japan's Nippon Steel Approved By Trump
(MENAFN- Kuwait News Agency (KUNA))
WASHINGTON, June 14 (KUNA) -- US President Donald Trump issued an executive order on Friday approving US Steel's merger with Japan's Nippon Steel, after the companies signed a national security agreement with the US government.
US Steel and Nippon said the national security agreement will give the US government a "golden share" and makes certain commitments related to governance, domestic production, and trade.
The companies did not elaborate on what powers the US government will wield with its golden share.
"All necessary regulatory approvals for the partnership have now been received, and the partnership is expected to be finalized promptly," US Steel and Nippon said in a statement.
The national security agreement calls for Nippon to make USD 11 billion in new investments by 2028, including initial spending on a greenfield project that will be completed after 2028, the companies said. (end)
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US Steel and Nippon said the national security agreement will give the US government a "golden share" and makes certain commitments related to governance, domestic production, and trade.
The companies did not elaborate on what powers the US government will wield with its golden share.
"All necessary regulatory approvals for the partnership have now been received, and the partnership is expected to be finalized promptly," US Steel and Nippon said in a statement.
The national security agreement calls for Nippon to make USD 11 billion in new investments by 2028, including initial spending on a greenfield project that will be completed after 2028, the companies said. (end)
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