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Nippon Steel has finalized its $14.9 billion acquisition of U.S. Steel, buying all shares at $55 each in a landmark deal supported by President Donald Trump. The Japanese steelmaker’s 18-month effort to secure U.S. regulatory approval faced intense political resistance, but succeeded after agreeing to a rare “golden share” arrangement with the U.S. government.
Under this agreement, the U.S. President gains the right to appoint one independent board member and veto key decisions, including job relocations, plant closures, and changes to U.S. Steel’s name or headquarters. This level of federal oversight, aimed at safeguarding national security, raises concerns about foreign investor sentiment.
White House spokesperson Kush Desai called the deal historic, emphasizing protections for economic and national interests. Nippon Steel CEO Eiji Hashimoto thanked Trump for enabling the acquisition and expressed enthusiasm for expanding U.S. operations.
The golden share was key to passing scrutiny by the Committee on Foreign Investment in the U.S. (CFIUS). Legal experts warn that such political involvement in M&A reviews may deter future foreign investment.
Despite initial opposition from both the Biden and Trump administrations, and a lawsuit over alleged bias in the national security review, Trump ultimately approved the deal via executive order after a final 45-day review.
Nippon Steel plans to invest $11 billion in U.S. Steel by 2028, including $1 billion for a new mill. The deal lifts Nippon’s crude steel capacity to 86 million tons, inching closer to its 100-million-ton target and enabling access to the U.S. market without facing the 50% tariffs applied to other foreign steel producers.
The United Steelworkers union, still wary of the deal, vowed to monitor compliance with Nippon’s commitments moving forward.
