President Donald Trump issued an executive order on Friday officially giving the green light to Nippon Steel Corporation's multi-billion-dollar purchase of U.S. Steel Corporation.

The move will also prevent Nippon Steel from transferring production or jobs outside the U.S. without consent of the U.S. president.

TOKYO] Nippon Steel on Saturday (Jun 14) touted a “historic partnership” with US Steel after US President Donald Trump approved a multi-billion-dollar merger. Read more at The Business Times.

President Trump signs executive order allowing U.S. Steel partnership with Japan's Nippon Steel, with an $11 billion investment commitment.

Nippon Steel is expected to complete the acquisition on Wednesday U.S. time, buying all U.S. Steel shares for $14.1 billion.

Shares of U.S. Steel dipped after a Nippon Steel executive told the Japanese Nikkei newspaper that its planned takeover of the company required "a degree of management freedom" to go ahead, even as sources told Reuters a deal with the U.