U.S. Steel and Nippon will enter into a "planned partnership" as part of a $14 billion deal, President Donald Trump announced Friday.
The agreement, detailed by the president in a Truth Social post, will create at least 70,000 jobs. The bulk of the investment is expected to come in the next 14 months. Trump also teased an upcoming rally at U.S. Steel's headquarters in Pittsburgh on Friday.
The president clarified to reporters on Sunday that the agreement "will be controlled by the United States, otherwise I wouldn't make the deal," according to a Reuters report.
This could include granting the U.S. government "golden shares" of the company, according to a Nikkei Asia report. Golden shares give the shareholder veto power over key aspects of a company, including board members, which could give the administration more sway in the future of the steel company.
Nippon Steel and U.S. Steel did not immediately reply to requests for comment.
The developments are the latest updates to months of speculation over the future of the steel deal. Last month, Trump ordered a review from the Committee on Foreign Investment in the United States of the deal to determine possible future actions.
The deal has been controversial since Nippon first moved to buy U.S. Steel in December 2023. President Joe Biden blocked the deal before leaving office in January, citing national security concerns. However, Trump has been publicly optimistic about the potential deal since taking office.
