Trump approves Nippon Steel purchase of U.S. Steel
1 of 3 | President Donald Trump issued an executive order, officially giving the green light Nippon Steel Corporation's multi-billion-dollar purchase of U.S. Steel Corporation. File Photo by Archie Carpenter/UPI | License Photo
June 14 (UPI) -- President Donald Trump issued an executive order on Friday officially giving the green light to Nippon Steel Corporation's multi-billion-dollar purchase of U.S. Steel Corporation.
Trump's executive order rescinds a directive issued by former President Joe Biden that blocked the Tokyo-based steel producer's $14.9 billion purchase on national security grounds.
The president had been signaling he would approve such a move, stating in May that the two steel giants would form a "planned partnership."
Trump previously ordered a review of the transaction by the Committee on Foreign Investment in the United States.
"Based on the recommendation of and my review of the materials provided by CFIUS, including re-review of the prior assessment of risk, I additionally find that the threatened impairment to the national security of the United States arising as a result of the Proposed Transaction can be adequately mitigated if the conditions set forth in section 3 of this order are met," Trump wrote in the executive order.
"President Trump has approved the Companies' historic partnership that will unleash unprecedented investments in steelmaking in the United States, protecting and creating more than 100,000 jobs," Pennsylvania-based U.S. Steel said in a release jointly issued with Nippon Steel.
"We thank President Trump and his Administration for their bold leadership and strong support for our historic partnership. This partnership will bring a massive investment that will support our communities and families for generations to come. We look forward to putting our commitments into action to make American steelmaking and manufacturing great again."
Trump's executive order requires both companies to enter into a National Security Agreement, which stipulates $11 billion in new investments must be made in the United States by 2028. That includes an already-underway project not scheduled for completion until after 2028.
The United States government will also be issued a golden share as part of the NSA, giving it unique voting rights.
"President Trump promised to protect American Steel and American Jobs -- and he has delivered on that promise," White House spokesperson Kush Desai told CNN in a statement.
"Today's executive order ensures US Steel will remain in the great Commonwealth of Pennsylvania, and be safeguarded as a critical element of America's national and economic security."
Confirmation of the deal comes just over a week after 50% tariffs took effect on metals imported into the United States from nearly all countries.
The tariffs were enacted a day after Trump signed an executive order doubling the duties on almost all imported aluminum and steel.
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