Trump approves U.S. Steel sale to Nippon Steel with conditions

Nippon Steel and U.S. Steel jointly announced on Friday that U.S. President Donald Trump has signed an executive order conditionally approving the Japanese steelmaker's proposed acquisition of U.S. Steel, reversing a previous block by former President Joe Biden's administration.

Trump's order did not detail the terms of the national security agreement. But the joint statement by the two companies stipulates that Nippon Steel will invest approximately $11 billion in the U.S. by 2028 and the U.S. government will be granted a "golden share," giving it veto power over key corporate decisions to ensure the country's national security interests are protected.

Back in January, following Biden's rejection of the merger, Nippon Steel and U.S. Steel filed a lawsuit seeking to overturn the decision and reopen regulatory review.

Trump opposed the purchase while campaigning for the White House, yet he expressed optimism in working out an arrangement once in office. On May 23, he indicated his support, stating the two companies would form a planned partnership.