CNN
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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 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.
This is a developing story and will be updated.
