Nippon Steel has finalized its USD 14.9 billion acquisition of US Steel, securing President Trump’s approval and a “golden share” that grants the US government veto power over critical strategic decisions.

Jun 19, 2025

Nippon Steel has officially completed its USD 14.9 billion acquisition of US Steel, ending an 18‑month saga marked by national security reviews, a presidential block, and mixed political signals. The deal includes a unique “golden share” arrangement, granting the US government veto power over key decisions, such as plant closures, relocation of headquarters, or offshoring jobs.

President Trump played a pivotal role by overturning his predecessor’s January ban, reinstating the deal with conditions in place, and praising the agreement as “strong leadership is essential” . Nippon Steel’s CEO Eiji Hashimoto welcomed the outcome, noting the arrangement preserves management flexibility and fulfills strategic investment plans, including USD 11 billion in US operations through 2028.

“Throughout history and across cultures, whenever there is a major shift in the right direction, strong leadership is essential,” Hashimoto said. “In that sense, I would like to express my sincere respect for President Trump’s excellent judgment.”

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The merger creates the world’s second‑largest steelmaker, with combined annual crude steel capacity of about 86 million tonnes. While Nippon gains a vital platform to regain global leadership, US Steel secures substantial investment, operational stability, and critical oversight safeguards, signaling a major reshaping of the global steel landscape.