Nippon Steel Corp. and United States Steel Corp. are on pace to finalize their $14.1 billion combination with President Donald Trump’s administration before a deal deadline later this month, capping an 18-month saga to combine the steelmakers into the world’s second-largest producer.

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.

Trump made the increase official in a proclamation that raised the trade levies on most steel and aluminum imports to 50% as of 12:01 a.m. EDT Wednesday. The president signaled th