US Steel and Nippon Steel Corporation have jointly announced that its historic, and some would say controversial, partnership has been approved by President Donald Trump.
According to both steelmakers, Trump's approval means that the partnership between the two steel giants will 'unleash unprecedented investments in steelmaking in the USA and protect (and create) over 100,000 jobs.
Commenting on the news, both US Steel and Nippon Steel Corporation remarked: "We thank President Trump and his Administration for their bold leadership and strong support for our historic partnership. This partnership will bring a massive investment that will support our communities and families for generations to come. We look forward to putting our commitments into action to make American steelmaking and manufacturing great again."
"We thank President Trump and his Administration for their bold leadership and strong support for our historic partnership."
US Steel and Nippon Steel Corporation.
In addition to Trump's executive order approving the partnership, the two companies have entered into a National Security Agreement (NSA). The NSA 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 NSA also includes commitments related to governance (including a Golden Share to be issued to the US Government) domestic production, and trade matters.
Along with President Trump's executive order, the two companies have completed the US Department of Justice review process.
According to both companies, 'with those approvals, all necessary regulatory approvals for the partnership have now been received, and the partnership is expected to be finalised promptly.