A year and a half after Nippon Steel unveiled its $14 billion bid for U.S. Steel, the acquisition could be finally drawing to a close.

       Last week, President Trump announced what he called a “partnership” between the Japanese and American steel giants. The statement by Mr. Trump, who had long expressed his opposition to U.S. Steel’s “going to Japan,” was interpreted by many as an endorsement of Nippon Steel’s bid.

       Nippon Steel has maintained that it is interested only in an acquisition that makes U.S. Steel a wholly owned subsidiary. The Japanese company has said it plans to share advanced steel-making technology with U.S. Steel and invest billions of dollars in the American manufacturer’s plants.

       In recent weeks, Nippon Steel appears to have reached a deal with the Trump administration that is structured in a way that meets its interests and that of the president’s to maintain sufficient American control.

       Advertisement

       SKIP ADVERTISEMENT

       Speaking at a U.S. Steel factory on Friday, Mr. Trump pledged that the company would “continue to be controlled by the U.S.A.” — though he did not provide any details about what form a deal might take.

       Both Nippon Steel and U.S. Steel are waiting for Mr. Trump to sign an executive order overturning one by former President Joseph R. Biden Jr. that had blocked the deal.

       Subscribe to The Times to read as many articles as you like.