Latest news with #NationalSecurityAgreement
Time of India
an hour ago
- Business
- Time of India
US Steel, Nippon partnership proceeds with security deal, 'golden share'
The partnership between US Steel and Nippon Steel has reached a new phase, with an agreement on US national security guarantees, in addition to the so-called "golden share" advantage obtained by President Donald Trump's administration. On Friday evening, Trump signed an executive order approving the partnership, bringing an end to the long-running saga over foreign ownership of a key national asset which began in December 2023, when US Steel and Nippon Steel announced plans for a $14.9 billion merger. Nippon's acquisition of US Steel was held up by former president Joe Biden, who blocked it in his last weeks in the White House on national security grounds. Trump initially opposed Nippon Steel's takeover plan, calling for US Steel to remain domestically owned, but he threw his support behind a "partnership" in May. "US Steel will REMAIN in America, and keep its Headquarters in the Great City of Pittsburgh," the US president said in a Truth Social post. Live Events In a joint statement, US Steel and Nippon Steel said 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." "In addition to President Trump's Executive Order approving the partnership, the Companies have entered into a National Security Agreement (NSA) with the US Government," they said, which calls for approximately $11 billion in new investments to be made by 2028. Trump's executive order did not provide details about the NSA, but he reserved the authority to issue further orders "as shall in my judgment be necessary to protect the national security of the United States." Friday's announcement follows a review of the deal by the government's Committee on Foreign Investment in the United States (CFIUS), which is tasked with analyzing the national security implications of foreign takeovers of US companies. On Saturday, Commerce Secretary Howard Lutnick insisted on the need for the "perpetual Golden Share," which gives the US government the right to block any action it so chooses. Lutnick did not elaborate on the precise value of the share, saying only that it had "powerful terms that directly benefit and protect America, Pennsylvania, the great steelworkers of US Steel, and US manufacturers." He gave a list of examples of actions that the US government would have to approve, including any relocation of US Steel headquarters, moving the company outside the United States, changing its name or moving jobs outside the country.
Kuwait Times
2 hours ago
- Business
- Kuwait Times
Trump approves US Steel, Nippon Steel partnership
HAMILTON: Steel coils are seen in a yard at ArcelorMittal Dofasco's steel mill in Hamilton, Canada. President Donald Trump announced plans to double tariffs on steel and aluminum imports from 25% to 50%, affecting top steel partners, including Canada, Brazil, and Mexico. – AFP NEW YORK: President Donald Trump signed an executive order Friday approving a partnership between US Steel and Nippon Steel after the companies reached agreement on US national security guarantees. The deal brings an end to the long-running saga over foreign ownership of a key national asset which began in December 2023, when US Steel and Nippon Steel announced plans for a $14.9 billion merger. Nippon's acquisition of US Steel was held up by former president Joe Biden, who blocked it in his last weeks in the White House on national security grounds. Trump initially opposed Nippon Steel's takeover plan, calling for US Steel to remain domestically owned, but he threw his support behind a 'partnership' in May. 'US Steel will REMAIN in America, and keep its Headquarters in the Great City of Pittsburgh,' the US president said in a Truth Social post. In a joint statement, US Steel and Nippon Steel said 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.' 'In addition to President Trump's Executive Order approving the partnership, the Companies have entered into a National Security Agreement (NSA) with the US Government,' they said, which calls for approximately $11 billion in new investments to be made by 2028. Trump's executive order did not provide details about the NSA but he reserved the authority to issue further orders 'as shall in my judgment be necessary to protect the national security of the United States.' Friday's announcement follows a review of the deal by the government's Committee on Foreign Investment in the United States (CFIUS), which is tasked with analyzing the national security implications of foreign takeovers of US companies. — AFP
Int'l Business Times
6 hours ago
- Business
- Int'l Business Times
US Steel, Nippon Partnership Proceeds With Security Deal, 'Golden Share'
The partnership between US Steel and Nippon Steel has reached a new phase, with an agreement on US national security guarantees, in addition to the so-called "golden share" advantage obtained by President Donald Trump's administration. On Friday evening, Trump signed an executive order approving the partnership, bringing an end to the long-running saga over foreign ownership of a key national asset which began in December 2023, when US Steel and Nippon Steel announced plans for a $14.9 billion merger. Nippon's acquisition of US Steel was held up by former president Joe Biden, who blocked it in his last weeks in the White House on national security grounds. Trump initially opposed Nippon Steel's takeover plan, calling for US Steel to remain domestically owned, but he threw his support behind a "partnership" in May. "US Steel will REMAIN in America, and keep its Headquarters in the Great City of Pittsburgh," the US president said in a Truth Social post. In a joint statement, US Steel and Nippon Steel said 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." "In addition to President Trump's Executive Order approving the partnership, the Companies have entered into a National Security Agreement (NSA) with the US Government," they said, which calls for approximately $11 billion in new investments to be made by 2028. Trump's executive order did not provide details about the NSA, but he reserved the authority to issue further orders "as shall in my judgment be necessary to protect the national security of the United States." Friday's announcement follows a review of the deal by the government's Committee on Foreign Investment in the United States (CFIUS), which is tasked with analyzing the national security implications of foreign takeovers of US companies. On Saturday, Commerce Secretary Howard Lutnick insisted on the need for the "perpetual Golden Share," which gives the US government the right to block any action it so chooses. Lutnick did not elaborate on the precise value of the share, saying only that it had "powerful terms that directly benefit and protect America, Pennsylvania, the great steelworkers of US Steel, and US manufacturers." He gave a list of examples of actions that the US government would have to approve, including any relocation of US Steel headquarters, moving the company outside the United States, changing its name or moving jobs outside the country.
Miami Herald
8 hours ago
- Business
- Miami Herald
Trump approves Nippon Steel purchase of U.S. Steel
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. Copyright 2025 UPI News Corporation. All Rights Reserved.
UPI
9 hours ago
- Business
- UPI
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.
