President Trump signed an executive order Friday night that removes the block Former President Joe Biden had placed on the U.S. Steel-Nippon Steel deal in January.
The 14.9 billion dollar buyout of U.S. Steel by Nippon can now proceed after a national security agreement was signed, reportedly resolving “credible evidence” that the Japanese company “might take action that threatens to impair the national security of the United States.”
President Trump wrote in the executive order that, based on recommendations of the Committee on Foreign Investment in the United States, the threat can be adequately mitigated. But the order does not provide details on the perceived threat.
President Trump and other politicians involved in negotiations have suggested that the US would be given a “golden share” in the Nippon owned US. Steel that would allow the government to veto certain business decisions.
We spoke with West Mifflin’s Mayor who says the news is thrilling for all of the Mon Valley.
Mayor Chris Kelly said, “It’s big news all the way around. So U.S. Steel and Nippon is going to mine it here, ship it here, build it here with American workers is great news! It’s not only going to save jobs, but it’s going to create jobs. This has the potential of saving 10-thousand, 11-thousand jobs right off the bat but when they do the modifications to the steel plants and put new rolling mills in that’s going to create 5 to 6-thousand jobs right off the bat to construct those.”
In response to Friday’s news, both companies thanked President Trump and his administration saying: “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.”
Details of the merger and the national security agreement have not been made public.
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