U.S. Steel Shares Rise As Trump Greenlights Nippon Deal

U.S. Steel shares rose 5% on Monday after Trump approved its merger with Nippon Steel, according to CNBC. Trump signed an executive order Friday allowing the deal to move forward under a national security agreement that includes a “golden share” for the U.S. government. Commerce Secretary Howard Lutnick said the share gives the president veto power over relocating U.S. Steel’s headquarters, outsourcing jobs, renaming the company, or shutting plants. U.S. Steel confirmed it will become a wholly owned subsidiary of Nippon Steel North America. All regulatory approvals have been received, and the deal is expected to close soon.