Trump clears U.S. Steel-Nippon deal, terms still up in the air

Catch up quick: The two companies issued a statement late Friday confirming a National Security Agreement that includes $11 billion in investment commitments by 2028, as well as a "Golden Share" for the U.S. government.

• "With those approvals, all necessary regulatory approvals for the partnership have now been received, and the partnership is expected to be finalized promptly," the companies said.

Yes, but: It's still not clear how much Nippon Steel is paying for U.S. Steel, or what the final entity will look like.

• U.S. Steel shares rose 5% in after-hours trading late Friday to nearly $55, the original price the Japanese company agreed to pay before President Biden blocked the transaction in early January.
• The sides have not amended the terms that deal since it was signed, through all the twists and turns of the transaction.

The intrigue: At a rally in Pennsylvania last month, Trump said Nippon would be investing $14 billion as part of a deal.

• The $11 billion in Friday's statement is the investment commitment through 2028; another $3 billion in investments is planned for after that, a person familiar with the transaction tells Axios.
• It was also not immediately clear what rights the so-called Golden Share would give the U.S. government. Trump has in recent days said the structure of the deal would give the government "total control" of the company.

Editor's note: This story has been updated with details on the transaction.