Latest news with #US-incorporated
Int'l Business Times
9 hours ago
- Business
- Int'l Business Times
Trump-Backed US Steel Deal with Nippon Finalized, Sparks Job Boom
The long-awaited partnership between US Steel and Japan's Nippon Steel is now official, with both companies confirming the deal on Wednesday. The agreement, backed by President Donald Trump, is being called a turning point for the American steel industry and is expected to create over 100,000 jobs across the country. As part of the agreement, US Steel will retain its name and continue to operate from its headquarters in Pittsburgh. All steel products will continue to be "mined, melted, and made" in the United States, both companies confirmed, BBC said. The announcement also outlines over $11 billion in planned investments by 2028, with a new steel plant expected to be built sometime after that year. "This is a momentous day for our country, our communities, and the American steel industry," said US Steel CEO Dave Burritt. "Thanks to President Trump's bold leadership, American workers secured the best possible deal." US Steel Sale Finalized After Trump Reverses Biden-Era Block The deal faced earlier pushback from President Joe Biden in 2023, who cited national security concerns. But President Trump ordered a fresh review and ultimately cleared the sale last week after securing commitments from Nippon to invest heavily in US Steel's American facilities rather than taking full ownership. To address security concerns, a special National Security Agreement was created. It requires that US Steel remains a US-incorporated company, led by a US citizen CEO, with a majority-US board. According to CBS News , Nippon will also issue a "golden share" to the US government, giving the president authority over key decisions like shutting down factories or moving jobs overseas. Nippon Steel's Vice Chairman Takashi Mori will take on the role of chairman of US Steel's board, but the rest of the company's leadership team will stay American. The company has bases in several countries but is now taking a much larger role in US operations. Despite the promising outlook, not everyone is fully supportive. The United Steelworkers union pushed back against the companies, accusing them of "downplaying concerns" and promising to keep a close eye on Nippon's future actions. "We will continue watching, holding Nippon to its commitments," said USW president David McCall. Originally published on
Observer
09-06-2025
- Business
- Observer
$5 billion boost for Shariah housing in Oman and GCC
MUSCAT: A major regional investment firm aims to accelerate the development of affordable, Shariah-compliant housing in Oman and the wider GCC, following a new strategic partnership between international finance institutions. BCIB Holding Co, Ltd, a Thailand-based financial service and investment banking firm, has acquired a 20 per cent stake in Amwalus Finance LLC, a US-incorporated financial institution with strategic operations in Oman, aligning both companies to jointly scale ethical housing finance solutions across the region. The investment is supported by a $5 billion Medium Term Note (MTN) issued by Bastion Commonwealth Investment Bank, the banking arm of BCIB Holding. According to BCIB Holding Co, the proceeds from the MTN will be used to finance housing projects that adhere to Islamic finance principles, addressing the growing demand for inclusive and affordable residential solutions in Oman and neighbouring Gulf countries. The agreement was formalised in a signing ceremony between Low Chun Keong, Managing Director of BCIB Holding, and Wassem Mesto, Managing Director of Amwalus Finance LLC, a wholly owned subsidiary of US-based Amwalus Trust. The ceremony was also attended by Dr Chutamas Vongvorakit, Co-founder and Chief Financial Officer of BCIB Holding. 'This strategic investment, backed by institutional financing through Bastion Commonwealth Investment Bank, underscores our commitment to fostering inclusive and sustainable development in Oman and across the region,' said Low. Amwalus Finance focuses on Shariah-compliant financing for affordable housing. With the new capital injection and support from its strategic partner, the company plans to expand its housing solutions across the GCC, targeting underserved communities. Wassem Mesto welcomed the partnership as a milestone for the company's mission. 'We are proud to welcome BCIB Holding as a key strategic partner in our mission to provide dignified, affordable housing guided by Islamic finance principles,' he said. 'With this collaboration, and the support of Bastion Commonwealth Investment Bank, we are well-positioned to scale our impact across the GCC and meet the growing demand for ethical, inclusive housing solutions.' The alliance reflects BCIB Holding's broader goal to promote long-term socioeconomic development through innovative Islamic financial instruments, with a particular focus on infrastructure and housing. Oman, which is advancing national priorities under Vision 2040, is expected to be a central focus of these investments.
