Trump approves US steel, Japan deal

President Trump approved the merger of U.S. Steel and Japan in an executive order on Friday after praising the partnership in late May.

The president touted the deal after both companies signed a National Security Agreement (NSA), in addition to the initial Greenfield project commitments completed after 2028, they agreed to jointly invest $11 billion in the next three years.

“This partnership will bring enormous investments that will support our communities and families for generations,” the companies wrote in a statement Friday.

They added: “We look forward to putting our commitments into practice to make steel and manufacturing in the United States excellent again.”

The deal comes after former President Biden rejected a merger between U.S. Steel and Japanese steelmakers in its final months in office, citing concerns in national interest after a year of comments.

However, the Trump administration said the deal would give the U.S. a “gold share” in corporate profits.

“We have a piece of gold stock. We control the share of gold that I control or the presidential control,” Trump said at the White House on Thursday. “This gives you all the control.”

Last month, Senator Dave McCormick (R-Pa) said the National Security Agency (NSA) would require the U.S. government to approve many of the company’s board members, which would allow the U.S. to ensure that production levels are not cut.

Trump also said in late May that his headquarters would remain in Pittsburgh, noting that the deal would create 70,000 jobs nationwide and add $14 billion to the U.S. economy as part of the acquisition.

US Steel noted that it will become a “whomally owned subsidiary” in a filing with the Securities and Exchange Commission in April.

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