In a surprising twist for the steel industry, U.S. President Donald Trump has signed an executive order conditionally approving Nippon Steel's acquisition of U.S. Steel. This move reverses a decision from Biden's administration and sets the stage for fresh investment opportunities in the U.S.
The joint statement reveals that Nippon Steel will invest approximately $11 billion in the U.S. by 2028. In exchange, the U.S. government will secure a "golden share," which grants veto power over critical corporate decisions to safeguard national security interests. This deal is shaping up to be a game changer, blending high-stakes business with national security measures. 🔥🚀
Back in January, after Biden's rejection of the merger, Nippon Steel and U.S. Steel filed a lawsuit to reopen regulatory review. Now, with Trump’s conditional approval, the contours of a new era in the steel sector are emerging, echoing the dynamic shifts in U.S. trade and investment policies.
Once a critic of the proposed deal during his campaign, Trump has shown optimism in forging a strategic partnership between the two companies. It remains to be seen how the conditions of the golden share will play out to keep U.S. interests secure while reviving the steel industry.
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Trump approves U.S. Steel sale to Nippon Steel with conditions
cgtn.com
