After months of scrutiny, President Trump approved Nippon Steel’s acquisition of U.S. Steel, including a $11 billion investment pledge and U.S. government veto rights to address national security concerns.
U.S. President Donald Trump has approved the $14.1 billion acquisition of U.S. Steel Corp. by Japanese company Nippon Steel Corp., according to a joint statement released Saturday by the companies.
This approval comes despite Trump’s earlier opposition to the sale of U.S. Steel to a foreign firm. The companies praised Trump’s “bold leadership and strong support” and said they had reached a national security agreement with the U.S. government.
In an executive order signed Friday, Trump stated that national security concerns tied to the deal could be mitigated if specific conditions are met.
As part of the agreement, Nippon Steel committed to investing $11 billion in the U.S. steel industry by 2028, including an initial greenfield project post-2028. Furthermore, the U.S. government will receive a “golden share” granting veto authority over critical decisions, such as board appointments and major production changes.
The approval concludes months of negotiations and scrutiny since the deal was first announced in December 2023. Notably, former President Joe Biden blocked the acquisition in January on national security grounds, prompting Nippon Steel and U.S. Steel to file a lawsuit challenging that decision.
Trump’s green light marks a significant shift, aiming to boost U.S. steel investments and safeguard over 100,000 jobs.
U.S. President Donald Trump said Ukraine needs Patriot missiles for defense after a positive call with President Zelenskyy, expressing frustration ove...
U.S. President Donald Trump announced plans to begin talks with China early next week about a potential TikTok deal, signaling progress toward resolvi...
Australia has pledged $283 million to support a green hydrogen project led by explosives manufacturer Orica, aiming to boost renewable energy producti...
An unidentified North Korean man crossed the heavily guarded land border into South Korea and is currently in custody, according to the South’s Join...
Australia has pledged $283 million to support a green hydrogen project led by explosives manufacturer Orica, aiming to boost renewable energy production and reduce industrial emissions.
Brazilian authorities have arrested a suspect linked to a cyberattack that diverted more than 540 million reais (about $100 million) from the country’s banking network.
An unidentified North Korean man crossed the heavily guarded land border into South Korea and is currently in custody, according to the South’s Joint Chiefs of Staff.
Egypt on denounced Ethiopia’s completion of the Grand Ethiopian Renaissance Dam (GERD), warning that the move lacks any legally binding agreement and undermines the water rights of downstream countries.
The European Commission is set to propose allowing carbon credits from other countries to count towards the EU’s 2040 climate target, according to a leaked internal document.
A magnitude 5.5 earthquake struck off Japan’s Tokara Islands on Wednesday, with no tsunami warning issued but residents advised to remain vigilant.
The United States has rescinded licensing restrictions on ethane exports to China, allowing shipments to resume after a temporary halt and signalling progress in efforts to ease recent trade tensions.
Italy plans to grant approximately 500,000 work visas to non-EU nationals between 2026 and 2028, as announced in a cabinet statement. The initiative aims to address labor shortages by expanding legal immigration pathways
A malfunction in the radar transmission system at the Area Control Center in Milan suspended more than 300 flights at the weekend, across northwest Italy since Saturday evening according to Italy's air traffic controller Enav (National Agency for Flight Assistance).
Afghanistan’s Deputy Prime Minister for Economic Affairs, Abdul Ghani Baradar, met with Azerbaijani Prime Minister Ali Asadov in Baku to discuss expanding trade and developing the Lapis Lazuli transport corridor.
Azerbaijan and Kyrgyzstan have explored new avenues for energy cooperation during a high-level meeting in Baku.
Türkiye’s President and Iranian President met on the sidelines of the 17th Economic Cooperation Organization summit in Khankendi, Azerbaijan, highlighting the event’s regional significance.
In his speech at the Economic Cooperation Organization Summit held in Khankendi, the President of Uzbekistan urged to define the medium and long-term development priorities of the organization and put forward a proposal to adopt the concept of 'Strategic Goals of Economic Cooperation – 2035.
President Ilham Aliyev received UAE Minister Sultan Al Jaber in Khankendi on July 4, with both sides praising strong bilateral ties and exploring future energy and cultural cooperation.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment