Nippon Steel Finalizes $14.1 Billion U.S. Steel Takeover With U.S. Golden Share

Japan’s Nippon Steel Corp. has completed its purchase of United States Steel Corp., closing a cash transaction valued at roughly $14.1 billion and ending 18 months of politically charged negotiations.

Nippon Steel bought all outstanding U.S. Steel shares for $55 apiece, delisting the 123-year-old producer from the New York Stock Exchange and making it a wholly owned subsidiary. The Japanese group pledged about $11 billion in new U.S. investments through 2028—including funding for a greenfield mill—while keeping U.S. Steel’s name, Pittsburgh headquarters and workforce. The combination lifts Nippon Steel’s global crude-steel capacity to about 86 million tons, cementing its position as the world’s fourth-largest maker.

The takeover was cleared under a National Security Agreement that grants the U.S. government a single “golden share.” The share allows the president, or a designee, to appoint an independent director and veto actions such as plant closures, production cuts, offshore job transfers, or a headquarters move. A majority of U.S. Steel directors and key executives must be U.S. citizens.

President Donald Trump approved the acquisition on 13 June, reversing an earlier order by former president Joe Biden that had blocked it. Nippon Steel Chief Executive Eiji Hashimoto said the accord preserves management flexibility and profitability while meeting U.S. security concerns.