Trump OKs Nippon Steel investment in U.S. Steel
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President Trump left the G7 after firming up a trade deal with the United Kingdom. But he hinted at roadblocks on other fronts, saying Tuesday that Japan was being "tough" in trade talks and the European Union has failed to offer a fair deal.
President Trump on Friday cleared the way for Japan-based Nippon Steel to potentially acquire U.S. Steel, though details about the structure of the deal — including a possible "golden share" held by the federal government — remain unclear.
United States Steel shares are jumping in premarket trading Monday, as the Pittsburgh-based company’s takeover by Japan’s Nippon Steel looks set to close following the deal's approval by President Donald Trump.
The companies said they had entered into an agreement with the U.S. government to alleviate any national security concerns.
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President Donald Trump would have unique influence over the operations of U.S. Steel under the terms of the investment being made by Nippon Steel.
Gary, Indiana Mayor Eddie Melton has said Nippon Steel plans to pump $1 billion into the U.S. Steel Gary Works.