Trump signs executive order to clear way for Nippon-US Steel deal

Companies hail historic partnership' to bring massive investment' but details of agreement remain unclear

Donald Trump on Friday signed an executive order paving the way for a Nippon Steel investment in US Steel, so long as the Japanese company complies with a national security agreement" submitted by the federal government.

Trump's order did not detail the terms of the national security agreement. But US Steel and Nippon Steel said in a joint statement that the agreement stipulates that approximately $11bn in new investments will be made by 2028 and includes giving the US government a golden share" - essentially veto power to ensure the country's national security interests are protected.