US Steel and Nippon Steel say Trump has approved their partnership
CNN
President Donald Trump has approved a partnership between US Steel and Nippon Steel, the companies said in a release on Friday.
President Donald Trump has approved a partnership between US Steel and Nippon Steel, the companies said in a release on Friday. “We look forward to putting our commitments into action to make American steelmaking and manufacturing great again,” the companies said in a statement. The steelmakers also entered into a national security agreement with the US government, the statement said. A finalized partnership would cap a deal that had previously drawn bipartisan opposition, including a block by then-President Joe Biden early this year. But Trump dropped his opposition after taking office this year, making the fortunes of the once-mighty US Steel something of a stand-in for the manufacturing renaissance he said he wants to see across the United States. The White House did not immediately respond to CNN’s request for comment. The national security agreement “provides that approximately $11 billion in new investments will be made by 2028, which includes the initial investment in a greenfield project that would be completed after 2028,” the companies said in their statement. The agreement also contains governance commitments, including a so-called “golden share” that could give the US government special say in how the partnership is run.
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