Marc Levy.

U.S. Sen. David McCormick says an arrangement for Japan-based Nippon Steel to invest in U.S. Steel will guarantee an American CEO, a majority of U.S. board members and U.S. government approval over certain corporate functions. McCormick spoke Tuesday on CNBC, four days after President Donald Trump suggested that an agreement on a “partnership” was at hand to resolve Nippon Steel’s nearly $15 billion bid to buy U.S. Steel that has been blocked on national security grounds. Trump said Sunday that U.S. Steel will be “controlled by the United States.” Many aspects outlined by McCormick and Trump have been floated previously by Nippon Steel, but Nippon Steel isn’t saying if it’s agreed to this deal.