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US Steel Sale To Nippon Steel Poised To Close After Trump Deal
- Nippon Steel Corp. granted conditional approval for a $14.1 billion acquisition of United States Steel Corp., facilitated by a national security agreement proposed by the Trump administration.
- As part of the $55-per-share deal, Nippon Steel will invest an additional $11 billion by 2028, with plans for a new steel mill post-2028, totaling $14 billion in additional investments.
- The security agreement includes US control measures and leadership roles going to American citizens.
- Trump's executive order clears the sale, ensuring US Steel remains in Pennsylvania.
- The deal signifies a significant investment, strengthening Japan-US steel industry ties.
- The merger deadline is June 18, creating the world's second-largest steelmaker and enhancing steelmaking capabilities critical for the US infrastructure.
- The deal faced opposition and underwent extensions and legal battles before Trump's recent approval.
- Trump's reversal on the deal, following initial opposition, included measures to protect American jobs.
- The agreement is seen as a win for Trump's trade policies and could impact negotiations with Japan on avoiding higher tariffs.
- The US will receive a 'golden share,' but specifics of its implications are undisclosed, with the deal expected to be finalized shortly.
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