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.

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.

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

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.