U.S. Steel and Nippon Steel have announced an agreement with the U.S. government to formalize the terms of a ‘partnership’ between the two companies. This comes over a year after Nippon Steel initially attempted to acquire U.S. Steel. Former President Joseph R. Biden Jr. had blocked the deal citing national security concerns, while President Trump later sought to revive it. The companies describe the transaction as a partnership, aligning with language used by President Trump. However, U.S. Steel has not yet informed shareholders about changes to the $14.9 billion sale approved in April of the previous year. In a statement, the companies expressed gratitude to President Trump and his administration for supporting the partnership, which is expected to bring significant investment benefiting communities for years. The agreement includes a national security pact requiring approximately $11 billion in new investments by 2028 and grants the U.S. government a ‘golden share’ in the company. This arrangement is uncommon and typically reserved for companies in need of government support, such as General Motors during the 2008 financial crisis.
— new from The New York Times
