Trump clears U.S. Steel-Nippon deal, terms still up in the air

U.S. Steel and Nippon Steel said Friday they have entered into a security agreement with the U.S. government, as President Trump signed an executive order allowing their proposed partnership to proceed.Why it matters: It's a major hurdle cleared toward the two companies' eventual combination, though the exact structure of the deal still remains mostly unclear. Catch up quick: The two companies issued a statement late Friday confirming a National Security Agreement that includes $11 billion in investment commitments by 2028, as well as a "Golden Share" for the U.S. government."With those approvals, all necessary regulatory approvals for the partnership have now been received, and the partnership is expected to be finalized promptly," the companies said.Yes, but: It's still not clear how much Nippon Steel is paying for U.S. Steel, or what the final entity will look like. U.S. Steel shares rose 5% in after-hours trading late Friday to nearly $55, the original price the Japanese company agreed to pay before President Biden blocked the transaction in early January.The intrigue: At a rally in Pennsylvania last month, Trump said Nippon would be investing $14 billion as part of a deal. The nature of the discrepancy between that and the $11 billion announced Friday was not clear, and the White House was not immediately available to comment. It was also not immediately clear what rights the so-called Golden Share would give the U.S. government. Trump has in recent days said the structure of the deal would give the government "total control" of the company.

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