U.S. Sen. David McCormick said Tuesday that an arrangement that will allow Japan-based Nippon Steel to invest in U.S. Steel will guarantee an American CEO, a majority of board members from the United States and U.S. government approval over certain corporate functions.
McCormick spoke on CNBC, four days after President Donald Trump suggested that an agreement on a “partnership” was at hand to resolve Nippon Steel's nearly $15 billion bid to buy iconic American steelmaker U.S. Steel that has been blocked on national security grounds.
