U.S President Donald Trump formally approved Nippon Steel's fraught $14.9 billion bid for U.S. Steel on Friday, capping a tumultuous 18-month effort by the companies, beset by union opposition and two national security reviews.
Trump signed an executive order saying the tie-up could move forward if the companies signed an agreement with the Treasury Department resolving national security concerns posed by the deal. The companies then announced they had signed the agreement, fulfilling the conditions of Trump's directive and effectively garnering approval for the merger.
"We look forward to putting our commitments into action to make American steelmaking and manufacturing great again," the companies said in the statement, thanking Trump.
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