US President Donald Trump has approved a long-delayed partnership between US Steel and Japan’s Nippon Steel, clearing the way for a $14.9 billion deal after securing national security guarantees.

The executive order, signed Friday, ends months of uncertainty over foreign ownership of the iconic American steelmaker. Initially announced in December 2023, the acquisition was blocked by former president Joe Biden on national security grounds during his final weeks in office.

Trump, who had earlier opposed the takeover, shifted his stance in May, endorsing a restructured partnership. “US Steel will REMAIN in America, and keep its Headquarters in the Great City of Pittsburgh,” he posted on Truth Social.

In a joint statement, the companies said Trump’s approval would unlock “unprecedented investments in steelmaking,” pledging over $11 billion in US projects by 2028. The firms also committed to protecting and creating more than 100,000 American jobs.

The partnership is accompanied by a National Security Agreement (NSA) with the US government, although specific terms remain undisclosed. Trump’s order reserves the right to issue further directives “as shall in my judgment be necessary to protect the national security of the United States.”

The approval marks a dramatic turnaround for the deal, which had drawn political and public scrutiny over foreign influence in a strategic industry.