Washington, D.C. - Japanese steel giant Nippon Steel has completed its $14.9 billion acquisition of U.S. Steel, following a rare agreement that grants the U.S. government significant oversight over the newly combined company.
The deal, first proposed in 2023, had stalled amid political backlash over foreign control of one of America’s last major steelmakers. It moved forward only after President Donald Trump approved the merger via executive order, citing national security assurances provided by Nippon.
Under the agreement, Nippon will invest $11 billion into U.S. operations by 2028, maintain U.S. Steel’s headquarters in Pittsburgh, and install American citizens in key executive roles, including CEO and board majority.
The U.S. government will also receive a “golden share”, a special class of ownership allowing veto power over critical decisions such as offshoring jobs or closing facilities.
“This partnership ensures that U.S. Steel will retain its iconic name and continue to be mined, melted, and made in America,” the companies said in a joint statement.
The deal is expected to support or create over 100,000 jobs, according to company estimates.
Trump’s approval marked a shift from his earlier opposition, driven by local concerns about job losses without foreign investment. The move also aligns with his ongoing steel protectionist agenda, including recently raised import tariffs of 50%.
The United Steelworkers union, which had strongly opposed the merger, warned it would remain vigilant. “We will continue watching, holding Nippon to its commitments,” union president David McCall said.
The acquisition makes Nippon one of the world’s largest steelmakers and a dominant force in the U.S. market.
