U.S. Steel Corp. (NYSE:X) shares rallied Monday after President Donald Trump approved the company’s takeover by Japan's Nippon Steel.

The deal faced opposition and multiple reviews. It’s now clear to close after both firms committed to a series of measures designed to protect U.S. interests.

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The Details: President Trump signed an executive order approving the merger after both companies agreed to a national security arrangement with the U.S. government, per CNBC.

The agreement includes provisions such as a "golden share" for the U.S. government, giving it special oversight powers over the company's operations.

Both companies also stated that the deal would allow U.S. Steel to operate as a wholly owned subsidiary of Nippon North America, while maintaining commitments to domestic manufacturing and governance.

"All regulatory approvals required for the completion of the Transaction have been received," U.S. Steel said in an SEC filing on Monday. "The Transaction remains subject to the satisfaction of customary closing conditions, and is expected to be completed promptly."

Trump returned to office and also opposed the deal over security concerns.

To secure the deal, Nippon Steel committed to investing $14 billion, including up to $4 billion for a new mill. The investment was part of a broader strategy to address the Trump administration's concerns and gain approval.

Additionally, Trump doubled tariffs on imported steel to 50% to protect domestic jobs, while supporting the sale of U.S. Steel to Nippon, in order to help revitalize the U.S. steel industry.

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