This paper is concerned with the Hopf algebra structure of a certain subalgebra S of the Steenrod ring AG of stable cohomology operations in the complex cobordism theory and the sympletic cobordism theory MG*( ), where G=U or Sp, the infinite dimensional unitary or sympletic group, respectively. The Hopf algebra structure and its applications of Steenrod algebra with coefficients Zp, for a prime p, have long been studied by many topologists (Steenrod-Epstein [6]). Novikov [3] investigated the Steenrod rings of generalized cohomology theories. Landweber [1] also studied general properties of AG as Hopf algebra. The main purpose of this paper is to determine the explicit product formula in S (Theorem 3.1) and the indecomposable quotient S/S2 (Theorem 4.1), where S denotes the kernel of the augmentation S-»Z. We use the following notations. Let Z be the ring of integers and Zm = Z/mZ. According to Landweber [1], AG can be expressed as AG = A®S, with the coefficient A = Q^MG*(point). In case G=£7, /t=Z[xl5 x2,...], deg(Xj)=-2/. In case G = Sp,A has not been determined completely. The subalgebra S is a Hopf algebra over Z and has a Z-free basis {Sj}, with dQg(SI) = d^rrir9 where d=2 or 4 according as G=17 or Sp and I=(il9 i2,...) is a sequence of non-negative integers such that all but a finite number of ir are zero. For two Z-graded modules M=^i^L_aoMi and N^^^-^ Ni9 the completed tensor product