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@nhk_newsThe lawsuit seeking the invalidity of the Nippon Steel US Steel takeover prohibition order was withdrawn #nhk_news
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Nippon Steel Finalizes $14.1 Billion U.S. Steel Deal With U.S. Golden Share
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Nippon Steel on 18 June closed its acquisition of United States Steel, paying $55 a share in a cash deal valued at about $14.1 billion. The transaction ends an 18-month saga that saw the Japanese company sue the U.S. government after former president Joe Biden blocked the sale, and then secure approval when President Donald Trump reversed that decision.
Under a national security agreement negotiated with Washington, the U.S. government receives a non-economic “golden share” that allows it to appoint an independent director and veto major moves such as plant closures, idling capacity, relocating the Pittsburgh headquarters or changing the company’s name. A majority of U.S. Steel’s directors and its top executives must be U.S. citizens, preserving the firm’s domestic identity even as it becomes a wholly owned subsidiary of Nippon Steel.
Nippon Steel has pledged roughly $11 billion of capital spending in the United States by 2028, including a new mill and upgrades to existing operations. The investments will raise the group’s global crude-steel capacity to about 86 million tons, moving it closer to its strategic goal of 100 million tons and enabling it to supply more high-grade steel to U.S. carmakers and infrastructure projects.
Completion of the takeover removes U.S. Steel’s long-standing “X” ticker from the New York Stock Exchange and elevates Nippon Steel to the world’s fourth-largest producer. Lawyers say the golden-share precedent could deter some foreign investors, but Nippon Steel’s management insists the arrangement will not constrain its plans to revive the storied American steelmaker.
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