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U.S. President Donald Trump stated Friday that national security concerns tied to Nippon Steel’s $14.9 billion bid for U.S. Steel could be resolved if certain conditions are met. This move increases the likelihood of the deal’s approval. Following the news, U.S. Steel shares rose 3.5% in after-hours trading.
In an executive order, Trump said the proposed acquisition could move forward if the terms in Section 3 of the order are satisfied. While specific conditions were not disclosed, Trump noted the agreement would mitigate national security risks.
The companies expressed gratitude in a joint statement, revealing a plan for $11 billion in U.S. investments by 2028 and a governance structure including a “golden share” for the U.S. government. The level of control this golden share provides remains unspecified.
The acquisition, first announced in December 2023, has faced political resistance. Both Trump and former President Joe Biden previously opposed the deal, emphasizing that U.S. Steel should remain American-owned—an issue of significance in battleground state Pennsylvania.
Before leaving office, Biden blocked the deal over security concerns, triggering legal action from the companies. Under Trump’s administration, a new 45-day national security review was launched in April. Despite earlier mixed messages from Trump, including support for investment but reluctance to approve full ownership, he recently called Nippon Steel a “great partner” during a Pennsylvania rally.
On June 5, Nippon Steel and the Trump administration requested an eight-day extension on a litigation pause to finalize the agreement. The current acquisition contract expires June 18, but the firms could agree to extend the timeline.
The outcome of this high-stakes deal could reshape the global steel industry while carrying significant political and economic implications.
