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President Donald Trump has officially approved Nippon Steel’s $14.9 billion acquisition of U.S. Steel, ending an 18-month saga marked by union resistance and dual national security reviews. Trump signed an executive order on Friday permitting the deal to proceed, contingent on a national security agreement with the Treasury Department. Shortly after, both companies confirmed they had signed the agreement, satisfying all requirements.
In a joint statement, Nippon Steel and U.S. Steel pledged $11 billion in U.S. investments by 2028, with additional production, governance, and trade commitments. The agreement also includes the issuance of a “golden share” to the U.S. government, granting it certain oversight powers. Reuters previously reported that Nippon may invest an additional $3 billion for a new steel mill post-2028.
This deal allows Nippon Steel to expand its footprint in the U.S. amid heavy 50% tariffs on foreign steel, while giving U.S. Steel much-needed capital to modernize and compete in infrastructure projects. It also exempts Nippon from paying a $565 million breakup fee that would have applied if regulatory approvals failed.
The acquisition, first announced in December 2023, faced political and public scrutiny, with both Trump and former President Joe Biden initially opposing foreign ownership of U.S. Steel. Biden had blocked the deal on national security grounds before leaving office in January, prompting legal action by the companies. The Trump administration then reopened the review in April.
Although Trump had previously made ambiguous remarks about preferring a minority stake or simple investment, his final decision now clears the way for the full takeover. The companies hailed the approval as a win for American manufacturing, expressing confidence that the partnership will strengthen the domestic steel industry.
