A sale of the company has been in progress for a longer time, but was stopped by the former president Joe Biden's and Donald Trump's respective governments for security policy reasons. Now, however, Trump has chosen to approve the merger through a presidential order.
The buyer, Nippon Steel, has signed a "national security agreement" to get the green light for the purchase.
The companies state in a joint statement that the deal means investments of around eleven billion dollars until and including 2028. The US government will get a number of board seats as a result of the agreement – that is, some form of veto power – but exactly how the American insight will work in practice is still unclear, writes AP. It is also unknown which investments will be made.
According to the companies, the parties have now met all the requirements to be able to complete the deal immediately.
US Steel has previously stated that the company will become a "wholly owned subsidiary" in Nippon North America after the acquisition.
Trump has not wanted to call the deal an acquisition or a merger, but rather a partnership, according to CNBC.
