Trump's executive orders revise Biden's order to block Nippon Steel buyout bid
US President Donald Trump has issued executive orders that revise his predecessor's order to block Japanese firm Nippon Steel's bid to purchase US Steel.
Trump's orders on Friday are based on the review results of the Committee on Foreign Investment in the United States, or CFIUS.
In January, then-US President Joe Biden blocked Nippon Steel's buyout plan, citing national security concerns. But in April, Trump instructed CFIUS to conduct a fresh review.
The executive orders say a national security risk "can be adequately mitigated" if certain conditions are met.
The orders also say the proposed acquisition is prohibited unless the two companies sign and remain in compliance with a national security agreement with the US Treasury Department.
The document states that the president is authorized to issue further orders if necessary to protect national security.
Nippon Steel and US Steel announced on Saturday that Trump approved a partnership after they signed a national security agreement with the government.
On Thursday, Trump indicated that his government would acquire a "golden share" as part of a partnership deal. The holder of the special share can veto important matters related to management.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Mainichi
an hour ago
- The Mainichi
Chronology of events linked to Nippon Steel's buyout of U.S. Steel
TOKYO (Kyodo) -- The following is a chronology of major events related to Nippon Steel Corp.'s plan to acquire United States Steel Corp. December 2023 -- Nippon Steel announces plan to acquire U.S. Steel. Jan. 3, 2025 -- Then-U.S. President Joe Biden issues order blocking sale of U.S. Steel to Nippon Steel, citing national security grounds. Jan. 6 -- Nippon Steel files lawsuit seeking to nullify Biden's decision. Jan. 20 -- Donald Trump returns to White House for nonconsecutive second term. Feb. 7 -- Trump says Nippon Steel will not acquire U.S. Steel but "invest heavily" in it. Early April -- Nippon Steel's vice chairman Takahiro Mori informs U.S. officials of plans to increase capital investment. April 7 -- Trump orders Committee on Foreign Investment in United States to reexamine Nippon Steel's takeover bid. May 23 -- Trump touts "partnership" between Nippon Steel, U.S. Steel. May 25 -- Trump says U.S. Steel will remain under American control after deal. June 12 -- Trump states United States has "golden share" in U.S. Steel. June 13 -- Nippon Steel announces that U.S. government has approved its acquisition plan.
Nikkei Asia
5 hours ago
- Nikkei Asia
Nippon Steel set to complete $14bn acquisition of U.S. Steel next week
SHOTARO TANI and NAOKI MATSUDA TOKYO -- U.S. President Donald Trump on Friday cancelled the decision by former President Joe Biden to block Nippon Steel's acquisition of U.S. Steel, paving the way for the Japanese company to finalize its takeover of its American counterpart. Nippon Steel is expected to complete the acquisition on Wednesday U.S. time, buying all U.S. Steel shares for $14.1 billion.
NHK
5 hours ago
- NHK
LA on high alert as mass protests against Trump expected on Saturday
Police in Los Angeles are on high alert as demonstrations against US President Donald Trump are expected to attract large crowds on Saturday. The LA rallies are part of the "No Kings" protests that are planned in more than 2,000 locations across the United States. Organizers say the demonstrations are to protest a military parade in Washington, also on Saturday, marking the 250th anniversary of the US Army, which coincides with Trump's 79th birthday. The head of the LA Police Department said activity on social media promoting the No Kings events has been high, and that they are expecting crowds that may be "unprecedented." Demonstrations have been taking place in Los Angeles since June 6 when federal officials began to carry out raids searching for undocumented immigrants. On Friday, protestors staged peaceful rallies in downtown LA. Trump has deployed 200 US Marines to protect a federal building in the city.
