After reaching an agreement on US national security guarantees, US President Donald Trump signed an executive order approving a partnership between US Steel and Nippon Steel.

The saga over foreign ownership of a key national asset, which began in December 2023 with the announcement of a $14.9 billion merger between US Steel and Nippon Steel, has finally come to an end.

Former president Joe Biden had initially blocked Nippon's acquisition of US Steel on national security grounds during his last weeks in the White House.

Despite Mr. Trump's initial opposition to Nippon Steel's takeover plan, he later threw his support behind a 'partnership' in May, ensuring that US Steel will remain domestically owned.

In a joint statement, US Steel and Nippon Steel expressed gratitude for Mr. Trump's approval of their historic partnership, which is expected to result in significant investments in steelmaking in the United States and the protection and creation of over 100,000 jobs.

Along with the executive order, the companies have entered into a National Security Agreement (NSA) with the US Government, committing to around $11 billion in new investments by 2028.

While details of the NSA were not provided in Mr. Trump's order, he retained the authority to issue additional orders deemed necessary to safeguard the national security of the United States.

The announcement of the partnership deal follows a thorough review by the Committee on Foreign Investment in the United States (CFIUS), tasked with evaluating the national security implications of foreign takeovers of US companies.