President Donald Trump on Friday signed an executive order paving the way for a Nippon Steel investment in U.S. Steel, so long as the Japanese company complies with a “national security agreement” submitted by the federal government.
Trump's order didn’t detail the terms of the national security agreement.
But the iconic American steelmaker and Nippon Steel said in a joint statement that the agreement stipulates that approximately $11 billion in new investments will be made by 2028 and includes giving the U.S. government a “ golden share " — essentially veto power to ensure the country's national security interests are protected against cutbacks in steel production.
