Trump US Steel Nippon Pittsburgh.

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.

President Donald Trump says U.S. Steel will keep its headquarters in Pittsburgh as part of what he called a “partnership” between the American steelmaker and Japan-based Nippon Steel, which sought to buy it. Trump’s statement Friday left it vague as to whether he’s approving Nippon Steel’s bid after vowing to block it, but investors took it as a positive sign, sharply pushing up U.S. Steel’s shares. The companies issued approving statements, but didn’t describe terms of the deal. Nippon Steel’s nearly $15 billion bid to buy U.S. Steel was blocked by former President Joe Biden. One union official suggests the federal government will have a role in the company’s management going forward.