Kuwait City: US President Donald Trump issued an executive order on Friday approving US Steel's merger with Japan's Nippon Steel, after the companies signed a national security agreement with the US government.
According to Kuwait News Agency, US Steel and Nippon stated that the national security agreement will grant the US government a "golden share" and includes commitments related to governance, domestic production, and trade. However, the companies did not provide details on the specific powers the US government will hold with its golden share.
"All necessary regulatory approvals for the partnership have now been received, and the partnership is expected to be finalized promptly," US Steel and Nippon said in a joint statement. The national security agreement requires Nippon to invest USD 11 billion in new projects by 2028, including initial spending on a greenfield project that is anticipated to be completed after 2028.